Colorado Real Estate Journal - May 4, 2016
A Hawaiian investor has acquired 61 Inverness Drive East, an 87,198-square-foot office building in Inverness Business Park. United Properties sold the three-story building to 61 Inverness Associates, led by a Honolulu investor, for $10.9 million, or $125 per sf. Jeppesen, a subsidiary of The Boeing Co., is the largest of seven tenants, occupying approximately 45 percent of the space. There were multiple offers for the property, driven by capital interested in owning an asset with deep credit tenancy, according to JLL Executive Vice President Patrick Devereaux. United Properties acquired the building for $61.53 per sf in 2013. It updated the property, from the common areas to building systems, renewed leases and increased occupancy from 61 to 98 percent. “There are virtually no upgrades needed to the asset. United Properties did a Class A job repositioning this asset,” said Devereaux. “The building offers one of the highest parking ratios for a multitenant building within the Inverness Business Park with 4:1,000. That’s why it was appealing to Jeppesen, and it’s right next door to Jeppesen’s campus, which they own,” he said, noting 61 Inverness Drive East provides the owner with secure long-term cash flow. The building was constructed in 1982. Devereaux and Jason Schmidt, also a JLL executive vice president, represented United Properties in the transaction. Brandon Basham of Basham & Associates represented the buyer. Other News Trustpilot, an online-shopping-review company, established a Denver presence at WeWork in Lower Highland and is searching for a larger space with plans to expand rapidly over the next three years. Currently occupying 640 square feet that accommodates 19 employees, Trustpilot is searching for approximately 10,000 sf in Lower Downtown and expects additional future growth. Cushman & Wakefield is representing the company in its search. Trustpilot’s Denver office initially will focus on driving customer sales within the region and will support a 30 percent increase to the company’s U.S. workforce by the end of the year. “Since establishing a U.S. presence less than three years ago, Trustpilot has enjoyed a tremendous growth trajectory here, stemming from the increasing expectation for trust and transparency between businesses and their customers,” said Fred Mather, general manager for the Americas. “Our unparalleled offerings fit an otherwise unmet need for businesses seeking a trusted ratings and reviews solution, and opening another U.S. office to serve their needs was a natural step in our evolution.” Trustpilot evaluated several U.S. cities for its local market expansion and selected Denver because of its growing technology industry, reputation as a hub of innovation and strong local talent pool, it said. It will create at least 40 additional jobs this year in positions ranging from account executives to sales managers.