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10/24/16
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Toastmasters International purchased a vacant, 106.6k sf office building in Englewood, CO for $19.5 mil ($183/sf). The Class A building was sold by Columbia Property Trust.
Situated on a nine-acre site at 9127 South Jamaica St, within the Meridian International Business Center, the property features a granite-clad lobby, efficient floor plates, 10-foot high ceilings, and LEED Silver certification with an Energy Star rating. The asset is adjacent to the Interstate 25 and Colorado 470 exchange and offers highway visibility and access with proximity to light rail.
The structure is part of a four-building complex built to serve as CH2M’s global headquarters and which was acquired Columbia Property Trust in 2007. Last month, Columbia collected $122 mil from the sale of the other three buildings, which total 370.5k sf and are 100 percent leased on a long-term basis to CH2M. The buildings, located at 9189, 9191, and 9193 South Jamaica Street, were acquired by Angelo, Gordon & Co.
Kevin Shannon, Ken White and Laura Stumm of NGKF Capital Markets in Los Angeles, in cooperation with NGKF Colorado capital markets expert Dave Tilton and the NGKF leasing team of Jamie Gard and Jeff Castleton, represented Columbia. The buyer, Toastmasters International, the global public speaking and leadership organization, was represented by JR Bitzer from Lee & Associates. Toastmasters International, which is relocating from Santa Ana, is planning a major renovation before taking occupancy in July of 2018.
“This high-quality property was the only asset for sale fitting Toastmasters’ requirements in the Southeast Suburban (SES) submarket,” commented Tilton. “All other comparable properties were only available for a lease option. The 9127 South Jamaica Street building offers a canvas for Toastmasters comparable to new construction, for less than replacement cost.”
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