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7/09/12
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Griffin Capital Corp paid $16.1 mil for a three-story, 131k sf ($123/sf) office property in Denver fully occupied by The Travelers Indemnity Company ("Travelers Indemnity"). The property serves as the Travelers Indemnity Regional Headquarters Facility in Denver and is subject to a recently-executed 12 year lease extension.
Travelers Indemnity, which carries a stand-alone credit rating of 'AA' from Standard and Poor's, provides a wide array of private and commercial insurance products and services and is the largest of the six major subsidiaries that comprise The Travelers Companies, Inc. The new triple-net lease extension provides 4% average annual increases over the 12 year lease term and allows Travelers Indemnity to secure long-term occupancy at this business essential property which it has occupied since 2005.
The Regional Headquarters Facility is located in Greenwood Village, Colorado within the Denver Technology Center master-planned community and has benefitted from over $5 mil of capital improvements during the past seven years, including the addition of a two-level parking structure. The property purchase price represents a 7.61% initial capitalization rate on in-place rents and equates to $123 per square foot.
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