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Orchid Pointe in Denver Tech Center Revitalized in Greenwood Village, Colorado

02/14/2018
Commercial Real Estate Investment Firm Cress Capital, in partnership with Revesco Properties, purchased Orchard Pointe in the Denver Technology Center, a 120,873 square-foot, multi-tenant office building, from TA Realty in Greenwood Village, Colorado.

According to company officials, Cress sourced and led the transaction and will oversee asset management. Revesco will provide property management services through its subsidiary, Revesco Property Services. New ownership plans to continue with a capital campaign including cosmetic enhancements to the lobby, elevators and corridors as well as improvements to building amenities.

"Differentiators are key in any market, but especially in the largest office submarket in the Denver Metro," said Tom Parnell, Cress Partner. "The location and ease of access of Orchard Pointe really set it apart from its competition. Flexible and efficient floor plates combined with incredible views, covered parking and walkable amenities were also big factors in our investment decision."

Orchard Pointe is immediately adjacent to the I-25/Orchard Road interchange, one of three major interchanges in the DTC, providing easy access to/from I-25. It is also within walking distance of two light rail stations and desirable retail such as Del Friscos steakhouse and Starbucks.

Orchard Pointe was originally built in the 1980's and has been institutionally owned and maintained for 20+ years, company officials said. It was purchased by TA Realty in 2011 from Guggenheim Real Estate, and TA has since invested more than $1.3 million in capital improvements.

"It's not often you come across a company like Cress that has an entrepreneurial spirit and drive combined with deep industry expertise and experience," said Wade Doidge, who will lead Cress' asset management efforts in addition to assisting with new acquisitions. "I'm honored to be a part of this growing team and am looking forward to a busy, productive year."

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