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January 3-16, 2018



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in 2017.

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by Jill Jamieson-Nichols

Kaiser Permanente’s acqui-

sition of 210,848 square feet of

office space inAurora was driven

by cost savings and efficiencies,

according to the company’s real

estate manager.

Kaiser bought Waterpark II and

III at 2350 and 2550 S. Parker

Road for $25.32 million, accord-

ing to public records. The health

care provider operates in about 60

percent of the space in the Class

A buildings, which sit next to

Waterpark I, a 194,000-sf building

Kaiser owns and occupies.

“We’ve gradually expanded

into space in those two buildings,

and when the opportunity came

up to purchase, we sat back and

looked at our long-term plans.

It just made sense to move for-

ward with the purchase rather

than continue to lease,” said Jim

Bergman, Kaiser Permanente real

estate manager.

“We’d rather focus our funds

on health care and health care

facilities, so anytime we can save

money through our real estate,

especially our administrative real

estate portfolio, we’re going to try

to do that.”

In addition, “We’ve been try-

ing to consolidate into one main

campus for a long time,” said

Bergman, citing efficiencies of

having administrative functions

in a single location.

The Waterpark buildings

provide a campus setting with

outdoor seating, walkways and

water features. They were built

in 1982 and 1984, and renovated

in 2014. The buildings are Energy

Star certified. Matrix Group Inc.,

which bought the buildings for

$14 million in 2010, was the seller.

Waterpark II and III were 97.2

percent occupied at the time of

the sale. Tenants include AT&T,

Wells Fargo and BonaKemi USA,

Waterpark II & III are a long-term strategy for Kaiser

by Jill Jamieson-Nichols

Cress Capital acquired a promi-

nent office building on the Union

Boulevard corridor in Lakewood

with plans for a nearly $1 mil-

lion capital campaign to include a

new tenant amenity center.

The Newport Beach, California,

investor bought Union Tower, a

210,000-square-foot building at

165 S. Union Blvd., from TAReal-

ty in a $25.25 million off-market

deal. TA Realty had owned the

building since 2010 and in 2016

began a renovation that included

updating the lobbies and sever-

al floors. Cress plans to pick up

where TA left off and will add an

amenity center featuring a ten-

ant lounge, gym and conference


“Union Tower is one of the top

office assets inWest Denver,” said

Tom Parnell, a partner in Cress

Capital. “The new amenity center

will be a true differentiator, put-

ting the building in a class of its

own among the competition.”

“We see a lot of potential in the

West Denver submarket,” added

Parnell. “With downtown rents

rising and commute times wors-

ening, it’s a market in which we

are seeing increased attention and

expect to see substantial growth.”

UnionTower is a 10-story build-

ing within a short walk of the

Federal Center light-rail station. It

is surrounded by restaurants and

sits next to a newly built luxury

apartment building.

“With so many walkable ame-

nities, including more than two

dozen restaurants, the light-rail

stop and the newBeacon85 apart-

ment building, Union Boulevard

is unique for a suburban office

location,” said Parnell. “We’re

seeing more demand from office

tenants for these types of ameni-

ties, particularly when moving

outside of downtown.”

Constructed in 1982, Union

Tower was 51 percent occupied at

the time of the sale.

A couple of large tenants,

Enserca Engineering andMaptek,

vacated the top two floors over

the last couple of years. Michael

Baker International, the largest

existing tenant, recently signed a

long-term lease for the building’s

top floor. New West Physicians

and Cherokee National Business

also are among multiple tenants

in the building.

Parnell said Union Tower has

seen interest from tenants repre-

senting a wide range of indus-

tries, including law, business

services, engineering and tech-

nology. “Often, executives and

employees live on the west side

of town, making Union Boule-

vard an ideal and logical place

to commute, especially given it is

still less than 15minutes to down-

town Denver,” he said.

CBRE’sMikeWinn, TimRichey

and Chad Flynn represented TA

Realty in the sale of Union Tower.

The building is the second office

Cress Capital buys Union Tower, will continue upgrades

Cress Capital will continue renovations at Union Tower and add a tenant

amenity center with a tenant lounge, gym and conference center.

Please see Union Tower, Page 44 Please see Kaiser, Page 44