Location: Inverness Business Park on Inverness Way South, 1/4 mile south of I-25 and County Line Road Date Acquired: September 2006 Investment Basis: $14.6 million ($107/sf) Rentable Square Feet: 134,696
Well constructed four-story, granite clad multi-tenant office building located at south entry to Inverness Business Park, one of the premier office settings in Southeast Denver. Adjacent to Colorado Athletic Club and proximate to abundant restaurants and retail, including the 1.6 million square foot Park Meadows Mall. With 492 parking spaces, 304 is one of the only properties in Southeast Denver able to provide 100% covered parking to its tenants. Amenities include showers, lockers and common area conference room. Uniquely offers below grade semi sized loading dock and12,000 square feet of secure storage/disaster recovery space with 16’ ceiling height.
The property needed interior cosmetic improvements to be competitive. Only $100,000 in improvements, invested judiciously, completely changed the character of both the two story atrium lobby and the entire project. The property’s unique attributes of nearly 4/1000 covered parking and abundant, secure storage space were aggressively marketed.
Historically known as the Honeywell Building since it was owned and partially occupied by Honeywell, the moniker was changed to 304 Inverness to identify it with Inverness Business Park and its location therein. 304 enjoys a high “hit ratio” — nearly 1 out of 2 tenants touring the property end up leasing space at 304.