Location: I-25 and Orchard Rd in Greenwood Plaza Date Acquired: May 2007 Investment Basis: $10.1 Million ($96/sf) Rentable Square Feet: 105,517
High visibility location on Orchard Rd, ¼ mile west of I-25 with excellent access to freeway. Comprised of 67,000 and 38,000 square foot buildings, these were the first two buildings of an eight building office campus now known independently, under separate ownership, as Greenwood Corporate Plaza and Orchard Place, respectively. Orchard Place offers tenants a timeless red brick façade with a functional rectangular floorplate surrounded by a natural greenbelt and abundant parking. . The property was only 8% occupied when contracted for at the institutional seller’s “release price” but, with a 35,000 square foot lessee/investor in hand, closed at 43% leased.
Orchard Place was redeveloped using consistent design elements to Greenwood Corporate Plaza in an effort to replicate its success, borrow by association from its size and identity and offer the potential upon sale to once again be integrated with it as one project. The property’s visibility on Orchard Road and grandfathered parapet signage, rare in Greenwood Plaza, were recognized as differentiating attributes. As the leasing market began to deteriorate rapidly in 2008, the 38k building’s size made it potentially attractive to user buyers and, so as not to impair leasing efforts, it was quietly marketed to selective prospects. The “B” building was sold empty for $150/sf in October of 2008, seventeen months after its acquisition.