Location: In Greenwood Plaza near I-25 and Orchard Road at Greenwood Village Center Date Acquired: March 2005 Investment Basis: $11.75 Million ($60 psf) Rentable Square Feet: 196,618
Property Description: Developed by John Madden, founder and master developer of Greenwood Plaza. Three building campus with two distinctive products: two two-story 50,000 square foot buildings with rectangular 25,000 square foot foorplates and one four-story 100,000 square foot building with striking atrium lobby, sawtooth floor design and dramatic western views. Each building is cantilevered to provide covered parking. Plaza 25 abuts the elevated light rail line, is visible from I-25 and walking distance to the Arapahoe Station light rail stop and nearby amenities at Greenwood Village Center.
Repositioning Strategy: Plaza 25 was acquired because of its low basis, its complement as an alternative to Greenwood Corporate Plaza and to add control over submarket pricing.
Plaza 25’s more dense, compact site is juxtaposed to Greenwood Corporate Plaza’s open greenbelt, lending itself to a more contemporary, urbane feel. The properties common areas were redeveloped with this in mind. Because of its floorplate design, dramatic atrium and signage rights, the largest building of the three was positioned to attract one or more large, corporate headquarter users while the other two with conventional floorplates were offered as multi-tenant, designed to accommodate 2,500 to 25,000 square foot users. The property was 30% leased at acquisition.