Greenwood Village office asset sells, will undergo rebranding

An out-of-state buyer expanded its Colorado portfolio with the purchase of a value-add office asset in Greenwood Village.

Pantheon Viewpoint LLC purchased Syracuse Hill III, the 46,187-square-foot, Class B office property at 6161 S. Syracuse Way, from seller T&S Properties for an undisclosed amount. John Witt and Ben Swanson of Quiver Investments represented the buyer, while Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the seller. The sale was part of the buyer’s 1031 exchange.

With this acquisition, the buyer has five suburban office properties in the state. The sale comes after the buyer’s recent purchase of office buildings Viewpoint I and II in Littleton.

“The buyer is confident that suburban office is a strong asset class,” Witt said. “It was looking to geographically diversify its portfolio while staying in the suburban office market.”

According to Witt, one reason the buyer is attracted to suburban office properties, especially south of Denver, is because of the saturated tenant base in areas like Greenwood Village. He said the buyer plans to rebrand the property and fill the office vacancies.

At the time of the sale, the property was 78% occupied by tenants representing industries of law and financial services. Swanson said to increase the occupancy rate, the buyer will make improvements to the roof and HVAC system. He said the common areas of the building are very well-maintained following a recent upgrade in 2018.

A rebranding of the property also is in the planning stages. While it is unknown what the buyer will change, Witt said it plans to differentiate the property from adjacent offices Syracuse Hill I and II by playing up the building’s modern exterior and private entrance.

With a combination of underground and surface parking and easy access to Interstate 25, Witt said the buyer is confident that after a rebranding and capital improvements, the property will garner a lot of tenant interest.

According to Witt, John Hutto and Griffin Foulk of Stream Realty Partners will carry out the new leasing strategy and facilitate the rebranding process.

Featured in the October 7-20, 2020, issue of the CREJ