Interlocken’s Central Park Tower sells for $95M

BROOMFIELD — A pair of investment outfits have traded the Central Park Tower in Broomfield’s Interlocken business park for $95 million.

GV 385 Interlocken Owner LLC, a holding company for Chicago-based GEM Realty Capital Inc., sold the 11-year-old, nearly 300,000-square-foot building at 385 Interlocken Crescent to 385 Interlocken JV LLC, an affiliate of Denver real estate private equity investment firm Ascentris, Broomfield public records show. 

The 11-story tower is 89% leased to tenants that include software company OpenText Corp., cybersecurity firm Webroot Inc. and defense technology contractor L3Harris Technologies Inc.

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“385 Interlocken complements Ascentris’ current investment strategy of acquiring high-quality, well-located suburban office buildings within specific growth corridors across the United States,” Ascentris vice president James Proffitt said in a news release. “The U.S. [Highway] 36 corridor between Denver and Boulder is quickly becoming both a technology and life science hub for companies seeking access to highly educated employees at a significant occupancy cost discount to other metropolitan areas.”

Ascentris partnered with San Diego-based Cypress Office Properties LLC on the deal. 

The new owners plan to renovate the building and add an outdoor amenities area, the release said.

“We are pleased to be acquiring another best-in-class office property with Ascentris,” Cypress principal Mark Wayne said in the release. “We have been tracking 385 Interlocken for the last two years due to its high-quality construction, exceptional glass lines, span free floor plates and proximity to the growing housing base of Denver and the U.S. 36 corridor. We are also excited to bring a true California outdoor experience to the tenants of this high-quality property.”

GEM Realty bought Central Park Tower in 2016 from Franklin Street Properties Corp. for $83.5 million. At that time, the property was 86% leased, according to CBRE Group Inc.

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