X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GREENWOOD VILLAGE, CO-Means Knaus Partners, based in Dallas and Houston, made its first purchase in the Denver area when it bought the class A Orchard Pointe building in the Denver Tech Center. The price wasn’t disclosed, but public records indicate it paid $12.6 million for the 113,348-sf building.

“We are very pleased to add Orchard Pointe to our portfolio of Colorado properties,” says Bill Brownfield, director of acquisitions at Means Knaus Partners. “Our firm is also excited to become part of the DTC, one of the first and finest suburban office parks in the nation.”

Brownfield tells GlobeSt.com that Orchard Pointe “had the best access of any building we looked at.” Its location, as well as the quality of construction, explains why it is bucking the trend of the soft market and is about 95% leased, he notes.

The six-story building was built in 1985, a time when no expense was spared in constructing buildings. Tenants range from 1,000 sf to more than 15,000 sf. The building has been extensively renovated and has had major interior upgrades in 2000.

Means Knaus Partners first began its Denver operations in 2000. Although this is the private firm’s first purchase in the Denver area, it manages two high-rise office buildings Downtown–Park Central and 1125 17th St.

Ron Urgitus, who handled the deal with fellow CB Richard Ellis brokers Mary Sullivan and Tim Swan, says the replacement cost for Orchard Pointe is at least $160 per sf. “Means Knaus got an excellent deal,” Urgitus tells GlobeSt.com.

Mean Knaus will manage Orchard Pointe, but hired Doug Wulf and Robert Knisley of Fuller and Co. to lease and market it.

“We are actively looking for other buildings to buy in the Denver area,” Brownfield tells GlobeSt.com.

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.