Griffin Capital Essential Asset REIT Sells Denver Office Building for $48.8 Million

Griffin Capital Essential Asset REIT, Inc., a publicly registered non-traded daily NAV real estate investment trust, has sold the Denver Tech Center, a 191,000-square-foot, Class A office building located in Denver, Colorado for $48.8 million.

Griffin Capital Essential Asset REIT, Inc., a publicly registered non-traded daily NAV real estate investment trust, has sold the Denver Tech Center, a 191,000-square-foot, Class A office building located in Denver, Colorado for $48.8 million. The building was sold to an unnamed real estate investment trust.

The seven-story building was originally purchased by the REIT in June 2015 as part of the company’s merger with Signature Office REIT. As part of the transaction, Griffin Capital Essential Asset REIT acquired 13 properties consisting of 15 buildings totaling approximately 2.6 million square feet with a combined value of approximately $607.1 million at that time.

Griffin Capital Essential Asset REIT said that a successful leasing campaign stabilized the property’s occupancy at 95 percent. These included a long-term renewal lease with Jackson National Life Insurance Company and a new 58,000-square-foot, long-term commitment from Zoom Video Communications Inc. (NASDAQ: ZM) to accommodate their expansion.

“This full-cycle execution demonstrates the first-class operational acumen of the REIT’s asset management team…,” said Michael Escalante, chief executive officer of the REIT. “The stabilized nature of the asset, coupled with quality building characteristics, and local market dynamics resulted in performance that exceeded our initial projections and led to a successful sale and outcome.”

Griffin Capital Essential Asset REIT owns 101 properties totaling 27.2 million in rentable square feet, representing a total REIT capitalization of $4.7 billion.

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