NGKF Capital Markets represented ownership Columbia Property Trust in the $19.5 million sale of a vacant, 106,575-square-foot, Class A office property in Englewood, CO. Toastmasters International, a global communication and leadership organization, purchased the asset for use as its world headquarters and will be relocating to the Denver submarket from Orange County. Toastmasters is planning a major renovation with move-in anticipated for July of 2018.
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, was represented by JR Bitzer from Lee & Associates.
“This property offers a quality campus environment in a neighborhood with excellent transit and amenity features which will appeal to Toastmasters employees,” stated Shannon.
Situated on a nine-acre site and located at 9127 South Jamaica Street 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.
“Most notably, 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.”
The 9127 South Jamaica Street building, along with three other buildings were built to serve as CH2M’s global headquarters. In 2007, Columbia Property Trust acquired the four-building CH2M office campus. Last month, the same NGKF Capital Markets and leasing team represented Columbia Property Trust in the $122 million sale of three of the four buildings which total 370,485 square feet 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.
NGKF Research highlights the expanding corporate influence in Denver suburban markets, and is seen most particularly in the SES submarket, with notable firms such as CoBank, Charles Schwab, Comcast, IBM and the just announced Charter Communications build-to-suit, leasing space or expanding in the submarket. With over 1 million square feet of Class A office space currently under construction in the SES, asking rates for the suburb are expected to increase to an all-time high, especially those proximate to transit. “The SES offers an expanding market with a high upside for the future,” added Gard.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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