The Denver office of Hines has announced that the firms U.S. Office Value Added Fund has purchased Mountain View Corporate Center in Broomfield, CO, from Legacy Partners and one of Goldman Sachs Whitehall Street Real Estate Funds.
The 461,000-square-foot office campus, which is comprised of three three-story buildings and one four-story building, is located at the entrance to the Interlocken Office Park along the U.S. 36 corridor between Denver and Boulder. The property was developed by Legacy from 1999 to 2001.
We are excited to have purchased such a high-quality asset in this dynamic suburban market, said Hines Senior Vice President and fund manager Dave Congdon. Mountain View Corporate Center presents a great opportunity to own a Class A campus in a location that will benefit from the continued economic growth of the Denver and Boulder metro areas. Including this acquisition, the Fund is nearly 80 percent invested.
Hines will manage the property, which is currently 83 percent leased to tenants including Whitewave Foods, Zoll Data Systems and Acxiom Corporation. Hines plans to add value to the asset by leasing the existing vacancy and addressing the near-term rollover which will leave the building at 72 percent leased.
Executive Directors Michael T. Winn and Timothy P. Richey of Cushman & Wakefield of Colorado represented the seller in the transaction. Hines represented itself.
Hines Senior Vice President Charles Elder commented, We are pleased to be entering such a dynamic market with the acquisition of this fine office campus. This transaction is evidence of Hines commitment to acquiring, developing and owning properties in all of the major Denver submarkets.