The office building at 161 Inverness Drive West in Arapahoe County. (Google Street View)
A local real estate firm has again scooped up office space at rock-bottom pricing,
Glendale-based Westside Investment Partners paid $16.5 million last month for the vacant office building at 161 Inverness Drive West near Centennial, according to public records.
That’s 75 percent less than the last time the 255,000-square-foot building sold, in 2013, when it was fully leased to DirecTV.
The $16.5 million price tag works out to $65 a square foot.
It’s Westside’s second big bet on Denver-area office space in just over a year, at a time when many firms are avoiding the sector entirely. The company bought the Denver Club building downtown in November 2022 for $52.80 a square foot. That structure was about 30 percent occupied ahead of the sale.
“I believe in the long-term future of Denver,” Westside founder Andy Klein told BusinessDen then. He didn’t respond to a request for comment about the latest deal.
The 161 Inverness building dates to 1997 and is located along Interstate 25 in unincorporated Arapahoe County. BusinessDen reported in August that CBRE was marketing the structure with an asking price of $23 million.
Artis Real Estate Investment Trust, which paid $71 million a decade ago, sold the property, records show. At the time, the building had been leased by DirecTV since 2006, according to a DirecTV spokesperson. But the company — which was acquired by AT&T in 2016 — vacated the building as of the first quarter of this year, according to Artis’ website.
Despite the low price tag, Westside still paid more than twice the square-foot price than another office sale in the southern suburbs this year. The Quebec Court II office building in Greenwood Village sold in June for $5 million, or $30.50 a square foot.
Westside also owns the Park Hill Golf Course and is redeveloping the former Loretto Heights campus in southwest Denver.
The office building at 161 Inverness Drive West in Arapahoe County. (Google Street View)
A local real estate firm has again scooped up office space at rock-bottom pricing,
Glendale-based Westside Investment Partners paid $16.5 million last month for the vacant office building at 161 Inverness Drive West near Centennial, according to public records.
That’s 75 percent less than the last time the 255,000-square-foot building sold, in 2013, when it was fully leased to DirecTV.
The $16.5 million price tag works out to $65 a square foot.
It’s Westside’s second big bet on Denver-area office space in just over a year, at a time when many firms are avoiding the sector entirely. The company bought the Denver Club building downtown in November 2022 for $52.80 a square foot. That structure was about 30 percent occupied ahead of the sale.
“I believe in the long-term future of Denver,” Westside founder Andy Klein told BusinessDen then. He didn’t respond to a request for comment about the latest deal.
The 161 Inverness building dates to 1997 and is located along Interstate 25 in unincorporated Arapahoe County. BusinessDen reported in August that CBRE was marketing the structure with an asking price of $23 million.
Artis Real Estate Investment Trust, which paid $71 million a decade ago, sold the property, records show. At the time, the building had been leased by DirecTV since 2006, according to a DirecTV spokesperson. But the company — which was acquired by AT&T in 2016 — vacated the building as of the first quarter of this year, according to Artis’ website.
Despite the low price tag, Westside still paid more than twice the square-foot price than another office sale in the southern suburbs this year. The Quebec Court II office building in Greenwood Village sold in June for $5 million, or $30.50 a square foot.
Westside also owns the Park Hill Golf Course and is redeveloping the former Loretto Heights campus in southwest Denver.
