Real Capital Solutions (RCS), in partnership with Dunton Commercial, has acquired Terrace Tower, a 243,464-square-foot Class A office building in the Denver Tech Center. The 12-story tower is located at 5619 DTC Parkway in Greenwood Village, CO. The purchase price was not disclosed; however, RCS says the acquisition basis is substantially below the estimated cost of more than $500 per square foot to develop comparable Class A office space in the Denver Tech Center.
The property was 72% occupied at acquisition, with a weighted-average lease term of 7.2 years. The tower was built in 1984 and renovated in 2021.Â
Terrace Tower has received nearly $10 million in recent capital investment and features a modernized lobby, fitness center, conference facilities and tenant lounge, as well as building system upgrades and a new roof.Â
Dunton Commercial will provide local leasing, operating and asset management expertise. Â
CBRE’s Charley Will, Jenny Knowlton and Chad Flynn represented the seller in the transaction.Â
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