DENVER-New York City-based W. P. Carey Inc. has acquired a class A office building that will house one of tw telecom's support facilities. The lease term begins in early 2015.
According to W. P. Carey, which purchased the property for $40 million, the entire property will be leased to tw telecom. The property is currently leased on a short-term basis to multiple tenants.
The facility is located near tw telecom's corporate headquarters in the ParkRidge Corporate Center in Douglas County, CO. ParkRidge, which is easily accessible to downtown Denver, has recently attracted expanding or relocating companies, including Charles Schwab, Visa, Redwood Trust and Hitachi Data Systems.
TheParkRidge SixClass A facility of approximately 161,000 square feet will provide national support services for the company, according to W. P. Carey.
W. P. Carey managing director and co-head of global investments, Jason Fox, says “Given its strategic proximity to tw telecom's corporate headquarters, critical operational role and long-term lease with a credit rated tenant, the acquisition is consistent with our established investment parameters and is a solid, high quality addition to our portfolio.”
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