Lone Tree office building for sale as Lockheed Martin moves out

ParkRidge One

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.

ParkRidge One

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.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Comments are closed.