DPC Cos. has found a new 10-story office building in the Tech Center to renovate.
The Denver-based real estate firm, which last year sold the 10-story Denver Corporate Center II and III buildings after making improvements, purchased the similarly sized structure at 4601 S. DTC Blvd. in Denver on Monday.
Acting as 4601 DTC Office Owner LLC, the company and San Francisco-based Rockwood Capital paid $46 million, according to public records.
DPC President and CEO Christopher King, who can see the building from his office, said it’s the first time his company has partnered with Rockwood.
He said the companies expect to spend just over $4 million on improvements. The work is slated to include upgrading bathrooms and the fitness center, relocating the cafe and expanding the tenant lounge area to include an outdoor patio.
King said DPC did similar work at Denver Corporate Center II & III. It sold those structures for $71.71 million last year, three years after purchasing them for $40.54 million.
“We like the north Tech Center,” King said. “It’s really come a long way the last four years or so, and we want to build off the energy.”
The 4601 DTC building is approximately 250,000 square feet. King said the deal works out to $184 a square foot.
The building, which dates to 1982, was sold by Irvine, California-based LBA Realty Fund. Records show Bedford Property Investors purchased the building in May 1998 for $34.75 million. LBA acquired Bedford in 2006.
LBA Realty owns properties in California, Colorado, Arizona and Washington, according to its website.
Locally, the firm’s holdings now consist of the two-tower Denver Place office complex at 999 18th St., as well as the Financial Plaza office complex at 7720 and 7730 E. Belleview Ave. in Greenwood Village, and the Rampart Center at 7245 S. Havana St. in Centennial, according to LBA’s website.
The firm sold the 26-story office tower at 1600 Broadway last year for $110.9 million.
DPC, meanwhile, owns and/or manages about 5 million square feet, with about 4 million of that in Colorado. One of the company’s largest holdings is the Denver West Business Park in Lakewood, which it and a partner purchased in 2018 for $144 million.
Other notable recent transactions in the DTC include the February sale of Triad Orchard Station for $54 million, the December sale of Belleview Tower for $40.1 million and the November sale of 7979 E. Tufts Ave. for $62.25 million.