Two DTC office buildings have sold at a loss — even compared to what they fetched in the 1990s.
The neighboring structures at 8350 E. Crescent Parkway and 8390 E. Crescent Parkway in Greenwood Village were purchased last week by Glendale-based Westside Investment Partners and Denver-based Knightbridge Capital.
The firms paid $11.85 million for the larger of the two: the 135,000-square-foot building at 8390 E. Crescent. The seller paid about $30 million for it in 2015, according to public records. That’s a drop of 61 percent.
The firms paid $2.3 million, meanwhile, for the 82,000-square-foot 8350 E. Crescent building, which last sold in 2014 for $17.25 million, records show. That’s a drop of 87 percent.
Construction on the buildings was completed in 1995 and 1997. Both sold that decade at least double last week’s prices.
Westside, led by Andy Klein, and Knightbridge Capital, founded by Riki Hashimoto and Matt Ritter, did not respond to a request for comment.
The buildings were sold by Texas-based American National Insurance Co., the company confirmed.
Over half of the four-story 8350 building is being marketed for lease at $17 a foot, according to a brochure on NAI Shames Makovsky’s website. The firm is also marketing about 13 percent of the larger, six-story 8390 building.
Westside has been an active buyer of cheap office buildings since the pandemic. Further down I-25, it purchased a vacant, 255,000-square-foot building at 161 Inverness Drive West for $16.5 million late last year.
Further north in the heart of Denver’s Upper Downtown, Westside snagged the 24-story Denver Club building two years ago at 518 17th St. for $14.5 million, or $52.80 a foot.
This isn’t the only Greenwood Village office building to sell at a steep discount. The four-story, 164,000-square-foot building at 5800 S. Quebec St. sold for $5 million last year, after selling for $27 million in 2013.
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This story was reported by our partner BusinessDen.
Originally Published: June 14, 2024 at 6:00 a.m.
