November 16, 2018 – In a joint purchase with DPC Companies, Bridge Investment Group’s Office Division announced today the acquisition of Denver West Business Park, a 20-building, 1.3-million-square-foot flexible office campus conveniently located 15 minutes from downtown Denver. With 14 buildings located on the south side of Interstate 70 and six on the north side, the 82-acre campus touts one of the most accessible locations in metro Denver.
Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and is 78 percent occupied. Recent renovations include roof replacements for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Occupancy has increased 17 percent in approximately 4 years.
Bridge and DPC will invest an additional $16 million over the next three-to-four years. Planned improvements include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping upgrades and improving existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activity areas that resonates with the live-work-play workforce.
In the foothills of the Rocky Mountains with very few available sites for commercial or residential development in West Denver, the campus will maintain its competitive advantage as the city’s most accessible and strategic location for decades to come. Bridge intentionally selects properties that are positioned for success. Considered a fast-rising player in the U.S. commercial office market, Bridge has closed on more than 4.5 million square feet of office space nationally in 2018 alone, including the recent acquisitions of One North LaSalle in Chicago, O’Hare International Center in Rosemont, Ill., and The Campus at Sunrise in Reston, Va.
“With strong job growth, a highly educated workforce and a diverse mix of innovative industries, Denver’s economy continues to outpace that of most major metro areas,” said David McCleve, Director of Acquisitions, Bridge Investment Group. “While rent prices continue to increase downtown, Denver West is the next frontier for office space in a community where millennials want to live and find balance between work and play. With strategic renovations, we will reintroduce Denver West as a next-generation workplace that will not only change perceptions of the campus, but will also prepare the entire area for the rapid growth ahead.”
Denver West offers free shuttle service to a light rail service within 5 minutes, as well as nearby restaurants and Denver West Fitness and Conference Centers. Tenants are just steps from premier housing developments and dining options such as Whole Foods, Yard House and Mod Market, as well as are a short drive from nearby retailers, hotels and recreation such as Target, Denver Marriott West, United Artist Colorado Mills 16 & IMAX, South Table Mountain and Tanglewood Sports Park. In the last 24 months, nearly 1,200 brand-new apartment units came online within 2 miles of Denver West. Denver West’s central location is only 35 minutes from Denver International Airport, 1 hour from world-class skiing destinations and in close proximity to 10 national parks.
The Denver based DPC Companies will oversee all leasing, property management and redevelopment work.
DPC and Bridge have a long standing relationship, currently in partnership with the 381,000 square foot Denver Corporate Center in the Denver Tech Center, and the Central Phoenix located 346,000 square foot Great American Tower. The partners have been working together since 2004 and have completed over $350 million in successful transactions together.