Denver Office Campus Trades for $205M

10055 Trainstation Circle. Image courtesy of CommercialEdge

The joint venture of Benderson Development and CGA Capital has purchased Kiewit Corp.’s nearly 400,000-square-foot Class A office campus in Lone Tree, Colo., for $205.2 million, public records show. In addition, CGA Mortgage provided $201.4 million in acquisition financing. Kiewit will remain at the campus under a 20-year lease.

The property traded for a whopping $520.8 per square foot. Located at 10051 and 10055 Trainstation Circle in the 3,500-acre RidgeGate master-planned community, the campus comprises two office buildings, a parking structure for 950 vehicles and a surface parking lot.

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The first building, dubbed K1, came online in July 2021. The five-story, 252,000-square-foot structure features outdoor spaces, a cafe and a fitness center. The second building, K2, was finished the following year and totals 142,000 square feet, according to information from CommercialEdge.

The property is near Lincoln Avenue and Interstate 25, adjacent to the Sky Ridge light rail station. Downtown Denver is some 17 miles northwest.

Office sales across Denver

Metro Denver’s office market saw $195 million in sales year-to-date as of May, according to a recent CommercialEdge report. The price per square foot, averaging $233, was 19.5 percent higher than the one recorded on a national level. As of May, the supply pipeline amounted to 2.5 million square feet of office space underway, representing 1.6 percent of total stock.

In one of the metro’s priciest deals recorded in the first five months of the year, Altus paid $54 million for a 101,725-square-foot office campus located in Denver’s Cherry Creek submarket. The sale price for the Class B property equates to $530.8 per square foot.