X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GREENWOOD VILLAGE, CO-Atlanta-based Goddard paid $6.9 million, or about $49 per sf, to Qwest Communications for its 141,253- sf Orchard Falls building at 7800 E. Orchard Road.

The deal was handled by Victor Frandson and Tom Wanberg of Grubb & Ellis.

The approximately 125,000-sf office portion of the building was 100% leased by the ailing telecommunication giant Qwest, which has vacated the space.

The only space in the building not empty is the 16,000-sf Metropolitan Club, a private business and dining club that will be remodeled and expanded to include a conference facility on the upper floors.

“We saw the potential of this unique property,” says Tom Tacker, who is currently leasing the building.

He says the former single-tenant building is being remolded into a class A property. “This is a value-added situation,” he tells GlobeSt.com.

It would cost at least $100 per sf to replace a building of this quality in this class A location, he says. “But it certainly isn’t worth that kind of money in today’s market,” he tells GlobeSt.com.

Goddard hired architect Dan Trinbach of Gary Lee Partners in New York City to act as a design consultant on the building.

Renovation plans include cleaning and polishing the entire facade, a new landscape design, renovation of the water feature at the rear of the building, opening an elevator from the club level to a conference facility on the fourth floor, and new décor in the lobby.

They also plan to bring back an outdoor sculpture garden.

“This is a great location,” Tacker says. “We’re in the hub of Greenwood Plaza just off I-25, yet buffered from traffic in a park-like setting with incredible views and amenities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.