Orchard Pointe, a multi-tenant office building part of the Denver Technology Center (DTC), was recently bought by a joint venture between commercial real estate investment firm Cress Capital and Revesco Properties.
According to Yardi Matrix data, the 113,353-square-foot asset at 8480 East Orchard Road was purchased from its previous owner, TA Realty, in a $16.55 million transaction—equating to $146 per square foot. Located at the interchange of East Orchard and Interstate 25, the property is adjacent to one of the main road intersections in DTC and is in close proximity to two light rail stations.
“Differentiators are key in any market, but especially in the largest office submarket in the Denver Metro. The location and ease of access of Orchard Pointe really set it apart from its competition. Flexible and efficient floor plates combined with incredible views, covered parking and walkable amenities were also big factors in our investment decision,” Tom Parnell, Cress partner, said in a statement.
The new owners of the six-story building plan to start a capital improvement program at the site, which will include cosmetic enhancements to the lobby, the elevator, and the corridors, as well as various improvements to the building’s amenity package. A Class B property, Orchard Pointe was originally completed in 1984 and was cosmetically renovated in 2000.
The 8480 East Orchard Road office building mainly attracts smaller-sized tenants. Trustwave, an information security company which leased 15,000 square feet, is the property’s largest tenant. According to Yardi Matrix data, Orchard Pointe also houses a variety of high-profile companies, such as Regus, Forbes and Pinnacle Consulting Group.