Koll Bren Schreiber Pays $30M for ParkRidge Asset

Crimson Financial, LLC, a national commercial real estate financial services firm, represented the seller, a partnership of the Patrinely Group LLC, a national development company, and its partner, New York City based Apollo Real Estate Advisors.

The building is 97% leased. Tenants include Merrill Lynch, HewlettPackard, CNA/Continental Insurance, the US Postal Service's investigative division, Piper Jaffray, Wells Fargo Home Mortgage and First American Heritage Title Co.

Patrinely Group designed and constructed the building in 2001. "This is the conclusion of yet another extremely successful development for Patrinely Group," says Dean Patrinely, managing partner of his namesake company. "Crimson Financial orchestrated this sale with precision and speed, which is a reflection both of the building's quality and of the strength of the Crimson Financial's team in Denver led by Rick Egitto. The team used their access to the premier investors in the country and identified multiple bidders that recognized the true value of this outstanding asset."

Egitto, senior managing director of Crimson's western region says there was a great deal of interest in the class A property. "We found significant interest from both institutional and private investors due to this asset's prestigious image, incomparable mountain views, a strong rent roll, and efficient floor plates." he says. "The premier southeast Denver location at I-25 and Lincoln Avenue is just blocks away from the future Lincoln Light Rail station and just north of HealthOne's recently opened SkyRidge Medical Center."

Koll Bren Schreiber's senior vice president, Steve Jarecki, says he likes the location and class A tenant roster. "KBS will continue to pursue and acquire similar assets across the country," he says.

Crimson Corporate Services, the property management arm of Crimson Capital Cos., has been retained to continue managing the office building. The company has managed the building since occupancy began in early 2002.

ParkRidge Corporate Center is a multi-phased, class A, master-plannedbusiness campus developed by Patrinely Group and situated on approximately 75 acres at the northwest corner of Interstate 25 and Lincoln Avenue. The entire ParkRidge Corporate Center project, when fully developed, will consist of more than 800,000 sf, including a mix of six to seven office buildings, Chili's Restaurant, Key Bank, and the Marriott Denver South convention center and hotel.

This sale follows on the heels of the recent $29.5-million sale ofthe 161,000-sf ParkRidge Six office building.