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|Call for Offers||2021-10-10|
Jones Lang LaSalle Americas, Inc. is pleased to present Cole Center (“Property”), a newly renovated and stabilized, 167,205 square foot office complex located in the supply-constrained submarket of West Denver. With a weighted average lease term of 6.8 years coupled with 75% investment grade tenancy, Cole Center represents one of the strongest multi-tenant office offerings in the Denver metro area. Tenants are drawn to Cole Center’s 3.76 per 1,000 parking ratio with 34% of total parking in a well-lit subterranean parking garage with direct elevator-to-suite access—a rarity in this market and a significant tenant draw. Tenants enjoy a fully-equipped fitness center with locker rooms and showers, an outdoor plaza with shaded seating areas, an abundance of natural light provided by three atrium skylights and a brand new entry way and lobby completed in early 2021.
Cole Center’s easily accessible location directly adjacent to Interstate-70 and proximity to 6th Avenue Freeway and C-470 loop allow tenants to compress commute times from several communities surrounding Denver. Additionally, Cole Center is surrounded by major employment centers including The Denver Federal Center, the National Renewable Energy Lab, The Colorado School of Mines, Union Square, and Denver West.
Cole Center’s excellent investment profile, market leading amenities, and incredible access offer investors a unique opportunity to acquire a well-positioned asset with a durable future cash flow stream.
6.8 year WALT
The weighted average lease term (WALT) of the existing tenancy at the Property is 6.8 years, providing stable and reliable cash flow. This WALT highlights the asset’s desirability among tenants, as well as its ability to secure longer-term commitments
75% Investment Grade Tenancy
Cole Center has attracted some of the Denver Metro’s strongest employers. Currently, 61% of the GLA at Cole Center is leased to investment grade tenants - representing 75% of the occupied square footage
The capital condition of Cole Center is excellent. Ownership has made several recent significant capital upgrades, including a brand new lobby, updated elevators, fitness center and HVAC in 2021
Supply Constrained Market
Limited new supply entering the market over the past ten years has led to strong absorption fundamentals across the west submarket. In fact, there are no current projects under construction in the West submarket.
Premier Proximity and Accessibility
Situated just off the intersection of I-70 and Denver West Parkway, Cole Center boasts unparalleled accessibility to the entire Denver metro area. Its location near other major thoroughfares, including US Highway 6, E-470, and West Colfax Avenue, provides ease of access