We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition of 3 & 5 Maroon, a two-building, 174,850 sf suburban office portfolio located in the Meridian International Business Center in Greenwood Village, CO. At closing, the portfolio was 84.4% occupied (88.3% leased including executed letters of intent (“LOIs”)) with a weighted average lease term of approximately 4.3 years.
The portfolio is strategically located within one of the Denver metropolitan area’s premier suburban office submarkets and offers convenient access to major transportation corridors, executive housing, and a broad range of retail and service amenities. The portfolio features a diversified tenant base and provides an opportunity to create value through targeted leasing initiatives, capital investment, and proactive asset management.
The business plan includes leasing the remaining vacancy, funding tenant improvements, developing speculative suites, and completing building system upgrades designed to enhance the tenant experience and improve the long-term competitiveness of the asset. The transaction represents an opportunity to acquire a well-located office portfolio at an attractive basis and execute a value-add business plan in a submarket that continues to attract strong tenant demand.
Argosy’s operating partner is Knightbridge Capital, a Denver-based real estate investment firm focused on value-add and opportunistic office, industrial, and special situation investments throughout the United States. Knightbridge Capital has significant experience acquiring and repositioning office assets.