Location: I-25 and Orchard Road and in Greenwood Plaza Date Acquired: October 2004 Investment Basis: $37.25 million ($60 psf)
Property Description: Largest property in SES Denver, Denver’s largest submarket. Six 100,000+ sf three-story red brick buildings set on 40 acres of heavily landscaped greenbelt at highly visible I-25/Orchard Road intersection in Greenwood Plaza business park. Exceptionally functional 34,000 sf rectangular floorplates in two pods with center three story atrium lobby appeals to a broad array of corporate tenants. The property includes a 4 acre mixed use development site that could house in excess of 100,000 additional square feet.
Greenwood Corporate Plaza was 30% leased at acquisition. Focusing on leasing velocity, the property was positioned as appealing to 1,000 to 100,000 square foot users and attracted both. Its many underappreciated attributes were aggressively marketed through an intensive, multi-medium year long campaign. The property quickly became perceived as the place to get deals done with credit tenants. The lobby and common areas in each building were sequentially redeveloped: lobbies were refinished in marble and cherry; lobby stairs were turned from an antiquated design feature to an architectural centerpiece; massive cantilevered building entries were made contemporary with bronze metallic cross members, improving scale, warmth and identity; signage was made uniform to create continuity and announce arrival at “the campus”. The property’s image shifted from an undersponsored, tired B- property to a seriously competitive B+ office environment. With improving market conditions, rents increased almost 50% subsequent to acquisition.