Focus Property Group paid $10 million for a Greenwood Village office building, giving affiliate Enterprise Coworking a reach into the southeast suburban submarket.
Focus purchased the 70,000-square-foot office building at 5500 Greenwood Plaza Blvd. from McKinley Freeway Center II LLC. The deal was driven by the opportunity to expand Enterprise Coworking, but the tenant mix, and location adjacent to light rail and high-quality retail also played into the equation, according to Josh Fine, Focus Property Group executive vice president and general counsel.
Enterprise Coworking, with a 66,000-sf flagship location in River North, will fill 17,500 sf of available space in the Greenwood Village building, joining eBags and six other tenants.
The building is adjacent to Interstate 25 and the Orchard light-rail station. It’s within a short walk of the Landmark development, with retail, dining, fitness and entertainment options, including a comedy club and movie theater.
“This building, just a few hundred feet from light rail, restaurants and retail, and with a vibrant technology and services-oriented existing tenant mix, is the perfect first location to expand our growing Enterprise Coworking brand into the Greenwood Village and DTC area,” said Bahman Shafa, FPG president.
According to Fine, the southeast suburban suburbs offer some executive suites, but “very few co-working spaces,” which are increasing in demand as millennials look to move from the city to the suburbs.
“As suburban demographics change, new models of what makes a great workspace – models that have taken firm root in the center city – will spread to the suburbs as well,” he said. Enterprise Coworking’s RiNo location is packed with 75 companies and 500 members, so there also may be a need to grow the Greenwood Village location at some point – if there is space available in the building, Fine noted.
The building features 12-foot ceilings, large windows with mountain views and parking for 200 vehicles. Focus Property Group plans to renovate the co-working space, and add an outdoor patio and other amenities that will be available to all tenants. Plans also include the addition of multiple electric vehicle charging stations.
Transwestern brokers Larry Thiel and David Shapiro represented McKinley Freeway Center II LLC in the sale of 5500 Greenwood Plaza Blvd.
Focus Property Group develops office, retail, residential, hospitality and mixed-use properties, primarily in Denver’s urban core. It currently is completing a 233-room hotel in the Denver Union Station neighborhood.