02/10/2021 | Press release | Distributed by Public on 02/10/2021 15:53
DENVER - Feb. 10, 2021 -JLL Capital Markets announced today that it has closed the sale and arranged acquisition financing for 4600 S. Syracuse, a 304,059-square-foot, Class A office tower in Denver, Colorado.
JLL represented the seller, MetLife Investment Management, and procured the buyer, a joint venture between Miller Global Properties, LLC and Principal Real Estate Investors. Additionally, JLL worked on behalf of the buyer to secure the acquisition loan through Mesa West Capital, LLC.
4600 S. Syracuse is located in the Southeast suburban office market, which is home to the majority of Denver's Fortune 500 headquarters and comprises 32.4 million square feet of office space spread across several submarkets, including the Denver Technological Center. The Southeast market mirrors the larger Denver market with leading metrics in job growth, population growth and quality of life. Located at the nexus of Interstates 25 and 225 and just minutes from the Belleview light rail station, 4600 S. Syracuse has outstanding accessibility to the entire Denver Metro.
Completed in 1999 and renovated in 2013, 4600 S. Syracuse offers desirable features such as floor-to-ceiling windows offering panoramic mountain and downtown views, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. The 13-story building also features a 727-space parking garage, as well as additional development upside through excess land that could potentially host an office tower or multi-family development. The 90%-leased property is home to 19 tenants spread across eight industries.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.
JLL's Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler and Senior Managing Director Josh Simon.
'We saw exceptional interest in this trophy property from investors who all valued the high-quality construction and premier location of 4600 S. Syracuse,' Merrion added. 'The new owners are going to improve upon this signature building with some exciting enhancements and we look forward to watching their success'.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers attractive solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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