Newmark Capital Markets has announced the sale of a 186,231-square-foot, four-story office building located at 105 Edgeview Drive in Broomfield, CO. The newly-constructed building is 100 percent occupied. The building is anchored by Gogo, the leading inflight internet and entertainment provider, who occupies 65 percent of the building.
President, West Coast Capital Markets, Kevin Shannon, Executive Managing Directors Ken White and David Hart, and Managing Director Laura Stumm of Newmark Capital Markets represented Hines Holdings, Inc. in the $47.1 million transaction to Invesco Advisers, Inc. Leading up to the sale, David Hart successfully leased the asset to 100 percent occupancy on behalf of Hines Holdings, Inc.
The property, known as the Gogo Building at Interlocken, was constructed in 2012 by Hines and designed by Forum Architects. It is the first phase of Hines’ EOS at Interlocken office campus development. The property is certified LEED Platinum with outstanding sustainable design elements including hyper-efficient floor plates, solar panels, 10’ floor to ceiling windows, 18 vehicle charging stations and a 2,500-square-foot fitness center.
The Gogo Building is strategically located in the heart of the Denver-Boulder Corridor within the technology-centric Interlocken Advanced Technology Business Park. According to Newmark’s 4Q2017 Office Market report, the Denver office market has enjoyed an impressive expansion run lasting 32 consecutive quarters. The Northwest Boulder Corridor is one of the top technology markets in the Western region.
“The Gogo Building represented a fantastic opportunity to acquire the newest, highest-quality office asset in Northwest Denver at below replacement cost. In addition, the property includes an adjacent 1.07 acre development parcel that can be used to provide additional surface parking or retail development,” said Shannon, who leads Newmark’s Western U.S. investment sales, and partners with Denver-based Vice Chairman, Western Region Capital Markets John Jugl, who joined Newmark Capital Markets just over one year ago to lead Capital Markets in Denver.
“The US 36 Corridor has undergone a dramatic transformation with regards to commuting patterns and population distribution and contains the highest concentration of newer vintage office assets. We expect to see a number of new investment offerings along the corridor in early 2018,” remarked Jugl. Newmark is ranked second in Denver investment sales, based on transaction volume, as reported by the Denver Business Journal, mid-year 2017.
Newmark further reports that Denver’s economy continues to consistently outperform the nation in terms of job and population growth, home price appreciation, state GDP and personal income levels.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.