Denver, CO (May 3, 2021)
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 in Broomfield, Colorado.
Constructed in 2010, the property is currently 89% leased to tenants including technology companies OpenText and L3Harris.
Located between Denver and Boulder along U.S. Highway 36, Interlocken Business Park offers access to the Rocky Mountain foothills, Denver International Airport, Rocky Mountain Metropolitan Airport, Flatirons Crossing and Broomfield Plaza malls, and the Omni Interlocken Resort and Golf Club. The park is also home to numerous technology and multinational companies including Oracle, CenturyLink, Vail Resorts, Partners Group, VMware and Broadcom. The area features more than 66 miles of hiking and biking trails and approximately 700 acres of developed parks.
Ascentris and Cypress plan to reinvest in the property through a renovation that will include the creation of an outdoor amenity area with seating, gaming and collaboration spaces, along with an expanded and modernized fitness facility.
This acquisition marks the third office investment between Ascentris and Cypress, following the acquisitions of The Cascades in Aliso Viejo, California, and 777 Tower 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.”
“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 along the Denver and U.S. 36 corridor. We are also excited to bring a true California outdoor experience to the tenants of this high-quality property.”
About Ascentris
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 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 allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting 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 specializing in acquisitions of value-add, redevelopment and core-plus office properties in key markets across the Southwest United States.
The company primarily focuses on Southern California, Phoenix and Denver. Since its founding in 2009, Cypress has built a portfolio of sixteen office projects totaling approximately 3.3 million square feet. For more information, visit www.CypressOffice.com.
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