Griffin Capital Essential Asset REIT today revealed its acquisition of a 4-story office building located in Westminster, Colorado. The 430,000 square foot, Class A property is currently occupied by its seller Avaya, until June 30, 2015.
Beginning July 1, 2015, DigitalGlobe, Inc. will take up residence under a 15-year lease. DigitalGlobe is a leading commercial high-resolution earth observation and advanced geospatial solutions provider.
The property was purchased for $92 million and is located in the Northwest Submarket of Denver, an area that is considered part of Colorado’s “Silicon Valley”. The area also is home to other technology and aerospace companies such as Oracle, Level 3, Google, IBM and Ball Aerospace.
“We are very excited to acquire this business essential facility which will house such a dynamic and growing company as DigitalGlobe.” said Eric Kaplan, Griffin Capital’s Managing Director of Acquisitions.
Michael Escalante, Griffin Capital’s Chief Investment Officer added, “From an industry and credit perspective, we are very confident in the geospatial information and solutions industry as a whole and particularly enthusiastic about DigitalGlobe’s leadership position within the industry.”
Griffin Capital Essential Asset REIT is a publicly registered, non-traded REIT that focuses on “business essential” office and industrial properties net leased on a long-term basis to creditworthy tenants. Its portfolio currently includes 44 properties worth approximately $1.4 billion.