Ascentris and Cypress Acquire Class AA Office Tower Strategically Positioned Between Denver and Boulder, CO
Denver, CO (May 3, 2020) – Ascentris, a Denver-based real estate private equity firm, and Cypress Office Properties, a San Diego-based investment and operating company, announced the joint acquisition of 385 Interlocken, an eleven-story Class AA office building totaling 297,000 square feet located within the Interlocken Business Park of Broomfield, Colorado. Constructed in 2010, the property is currently 89% leased to an array of tenants including technology companies OpenText and L3Harris.
Located between Denver and Boulder along Highway U.S. 36, the Interlocken Business Park benefits from easy access to the Rocky Mountain foothills, Denver International Airport, Rocky Mountain Metropolitan Airport, Flatirons Crossing and Broomfield Plaza Malls, the Omni Interlocken Resort and Golf Club and is home to technology and multinational companies including OpenText, Oracle, Century Link, Vail Resorts, Partners Group, VMware, and Broadcom. The business park also has direct access to over 66 miles of trails for hiking and biking and 700 acres of developed parks.
Ascentris and Cypress plan to immediately reinvest in the property through an extensive renovation which will include creating an outdoor amenity area featuring seating, gaming, and collaboration areas, as well as expanding and modernizing the fitness facility. This acquisition marks the third office acquisition between Ascentris and Cypress after acquiring The Cascades in Aliso Viejo, California and 777 Tower located in Tempe, Arizona.
“385 Interlocken complements Ascentris’ current investment strategy of acquiring high-quality, well-located suburban office buildings within specific growth corridors across the United States,” said James Proffitt, Vice President at Ascentris. “The U.S. 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,” added Proffitt.
“We are pleased to be acquiring another best-in-class office property with Ascentris,” said Mark Wayne, Principal with Cypress. “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,” added Wayne.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.1 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About Cypress Office Properties, LLC
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company that specializes in acquisitions of value-add, redevelopment, and core plus office properties in key markets within the Southwest United States. The company’s primary geographic focus is in Southern California, Phoenix, and Denver, where there is tremendous upside potential. Since its founding in 2009, Cypress has become a qualified and proven investor within these markets – well positioned to identify, purchase and operate office properties that meet its strategic investment criteria. Today, the Cypress portfolio consists of sixteen office projects totaling 3.3 million square feet. For more information, please visit www.CypressOffice.com.