One Belleview Station achieved record pricing for office product in southeast suburban Denver with its $152 million sale to Dallas-based Ramrock Real Estate LLC.
Developer Prime West sold the new Class AA building for $477.90 per square foot. That beats the $475 per sf paid for Re/Max Plaza and $423.78 per sf for Granite Place at Village Center, both of which attained record prices in just the last few months.
One Belleview Station is a 318,057-sf building at 7001 E. Belleview Ave., near the Belleview light-rail station. Anchor tenant Western Union will occupy 249,552 sf in the building, which is 100 percent leased.
Ramrock, representing a high-net-worth client, made an unsolicited offer for the property, but there were other investors looking to snatch it up.
“It checks all the boxes,” said Charley Will, senior associate with CBRE Capital Markets, Institutional Properties. “Offering an irreplaceable transit-oriented location with new, state-of-the-art construction and a Fortune 500 anchor tenant on a long-term lease, One Belleview Station is one of the most unique and desirable office assets in the Western United States,” he said. “Investor demand for properties of this caliber has never been stronger.”
One Belleview Station is within a short walk of the Belleview light-rail-station as well as the Belleview Station development’s 80,000 sf of restaurants and retail, and 680 apartment units. The office building offers structured parking at 3.5 spaces per 1,000 sf.
The CBRE team of Mike Winn, Tim Richey, Chad Flynn, Jenny Knowlton and Will represented Prime West in the sale. Lincoln Property Co. represented the buyer and will manage the property.
Prime West completed the 15-story building, which overlooks Interstate 25 at East Belleview Avenue and South Quebec Street, last year. The developer already has sufficient preleasing to kick off another new office building at Belleview Station late this year. That building, 6900 Layton, will have about 360,000 sf of office and 16,000 sf of retail, plus an approximately 1,200-space parking garage.
One Belleview Station is a LEED Gold building that includes a gym, showers and lockers, a conference facility and café, along with Ruth’s Chris Steak House. Tenants include Eide Bailly LLP, Janiczek Wealth Management, Alacer Gold, TD Ameritrade and Prime West.
Western Union, which will move in in the third quarter, is Colorado’s eight-largest business by revenue.
“The Prime West team is sincerely honored to be part of the first office building to be developed in Belleview Station and excited to be able to help create this iconic landmark in southeast Denver, from initial concept through to completion,” said Prime West Development President and CEO Jim Neenan.
Prime West has developed more than 5.5 million sf of commercial real estate and currently manages 2.2 million sf of office, retail and product.
Updated April 13, 2018