LONE TREE, CO-In a play to expand its Denver portfolio,Buchanan Street Partners has entered into a jointventure with Lowe Enterprises to acquireParkridge 4, a 192,800-square-foot, six-story,class-A office building here from Denver-basedMiller Global Properties LLC for what industrysources say is $34 million. Built in 2001 and located at10375 Park Meadows Dr., Parkridge is 93% leased byhigh-credit companies such as CNA Insurance, Merrill Lynch,UBS, Nestle, Ameriprise and the Department ofDefense.

“Parkridge 4 is the highest-quality office building in theemerging submarket of Lone Tree and is especially attractive giventhe outstanding credit of its tenancy and the project’s limitednear-term lease expirations,” said Tim Ballard,president of BSP, in a prepared statement. “The property’s strongrent roll, excellent location and physical quality allowed it beaccretively financed, further enhancing Buchanan’s expectedinvestment returns.”

The seller was represented in the sale by MikeWinn and Tim Richey of Cushman& Wakefield, while Buchanan Streetand Lowe Enterprises represented themselves in thetransaction.