The companies were able to buy the campus, built by Bill Walters in the 1980s, at such a discount because the campus is only 30% occupied, Naus says. However, he sees it as a great value-added proposition, providing the largest block of contiguous office space available along the southeast corridor.

And because they bought it at a good price, they will be able to lease it for below-market rates, says Doug Wulf, the Fuller and Co. broker Naus has hired to lease it. Equity West bought the property, the largest office campus in Greenwood Village and one of the largest along the entire southeast submarket, from Lowe Enterprises.

It was built by Walters, who in the '80s was the largest developer in the Denver area, as a regional or corporate headquarters for companies such as Lucent, AT&T Broadband and Cigna. Mostly, they left to occupy build-to-suits.

Naus notes they can accommodate tenants needing as little as 1,000 sf to 260,000 sf. Naus says they plan to invest about $2 million in upgrades.

"I think this is a strong B or B-plus property," Wulf tells GlobeSt.com. "It has an 'A' location. The only things keeping it from being considered an 'A' development is its age and perhaps because they are three-story buildings. Today, if they were developing the site, they would maximize the site by going more vertical. The area slopes off so much to the west of I-25, it allows you to add more stories, but still stay within the height limit.

"That said, the rectangular buildings were constructed just they way buildings were during the last building cycle," he adds. "They're rectangular buildings with large floorplates of about 33,000 sf, with wings off a center area. They're very efficient and they have large glass lines. The views of the mountains are just incredible."