The ParkRidge One building at 10475 Park Meadows Drive in Lone Tree is for sale. (Google Maps)
A Lone Tree office building being vacated by Lockheed Martin has hit the market.
CBRE is marketing the six-story, 167,000-square-foot ParkRidge One building at 10475 Park Meadows Drive. The structure was built in 1999 and sits on 10.68 acres that back up to Interstate 25.
Lockheed Martin has been subleasing the building since 2020, according to a marketing brochure. But the building will be vacant come July.
ParkRidge One was developed by Houston-based Patrinely Group and for a time served as the headquarters of TW Telecom, per marketing materials. TW Telecom was acquired in 2014 by Broomfield’s Level 3 Communications, which itself was purchased in 2017 by Louisiana-based CenturyLink (now Lumen).
Lockheed Martin subleased the space from Lumen. A spokeswoman for the Maryland-based aerospace and defense manufacturer said employees based in the building will work from other existing locations in the Denver area.
CBRE’s marketing materials tout the building’s subterranean parking for executives and proximity to light rail and say it “can be purchased for a fraction of replacement cost.” The brochure does not list a price.
The marketing materials also state that the building’s owner “has consulted with an architect to provide a conceptual site rendering showing the multifamily redevelopment potential.”
The building is owned by an affiliate of California-based Peakstone Realty Trust, which bought it in August 2014 for $43 million, public records show. Prior to that, the building sold in 2011 for $37.75 million.
Editor’s note: This story has been updated with comment from a Lockheed Martin spokeswoman.
The ParkRidge One building at 10475 Park Meadows Drive in Lone Tree is for sale. (Google Maps)
A Lone Tree office building being vacated by Lockheed Martin has hit the market.
CBRE is marketing the six-story, 167,000-square-foot ParkRidge One building at 10475 Park Meadows Drive. The structure was built in 1999 and sits on 10.68 acres that back up to Interstate 25.
Lockheed Martin has been subleasing the building since 2020, according to a marketing brochure. But the building will be vacant come July.
ParkRidge One was developed by Houston-based Patrinely Group and for a time served as the headquarters of TW Telecom, per marketing materials. TW Telecom was acquired in 2014 by Broomfield’s Level 3 Communications, which itself was purchased in 2017 by Louisiana-based CenturyLink (now Lumen).
Lockheed Martin subleased the space from Lumen. A spokeswoman for the Maryland-based aerospace and defense manufacturer said employees based in the building will work from other existing locations in the Denver area.
CBRE’s marketing materials tout the building’s subterranean parking for executives and proximity to light rail and say it “can be purchased for a fraction of replacement cost.” The brochure does not list a price.
The marketing materials also state that the building’s owner “has consulted with an architect to provide a conceptual site rendering showing the multifamily redevelopment potential.”
The building is owned by an affiliate of California-based Peakstone Realty Trust, which bought it in August 2014 for $43 million, public records show. Prior to that, the building sold in 2011 for $37.75 million.
Editor’s note: This story has been updated with comment from a Lockheed Martin spokeswoman.
