The office building at 5675 DTC Blvd. in Greenwood Village has sold. (Matt Geiger/BusinessDen)
DPC Cos. will move its headquarters from one Denver Tech Center building to another it just purchased.
The real estate investment and development firm snagged 5675 DTC Blvd. in Greenwood Village, a two-story, 52,000-square-foot office building, last week for about $5 million, or $96 per square foot, according to public records.
“We’ve been in business 35 years this year, and we’ve been in the DTC area for about 31 of those years,” Christopher King, DPC CEO and president, old BusinessDen. “We all live close and are believers of the DTC and Greenwood Village area.”
The Chotin Group Corp. was the seller in the deal. The Centennial-based real estate investor and lender, which did not respond to a request for comment, purchased the property for $2.4 million in 2011, records show.
DPC has been leasing space at 7800 E. Union Ave. in Denver. It previously owned that building, but sold it five years ago for about $36 million.
“We have always wanted to own our HQ locations,” King said.
DPC will take 4,700 square feet inside the 675 DTC Blvd. building. And a new tenant, architecture firm THK Associates, has agreed to take another 8,800 square feet. That will make the building fully occupied, except for one 1,500-square-foot vacancy.
DPC has 29 employees, according to King. The firm manages a portfolio of properties across the Rocky Mountain region, King said.
“(We have a) strong presence in the Phoenix-Scottsdale market,” he said. “We’re in Omaha, Nebraska. We’ve been in and out of Salt Lake, Dallas.”
Its holdings span office, retail and industrial properties, according to DPC’s website. It owns 400 S. Colorado Blvd., a nine-story office building, and 4601 DTC Blvd., a 10-story office tower that it controls in conjunction with Rockwood Capital LLC.
The firm also holds the metro area’s largest distressed property, Denver West Business Park in Lakewood, which spans over 80 acres and contains 20 buildings. DPC defaulted on the property’s loan by failing to pay it off upon maturity last year.
King said in a previous statement to BusinessDen that the business park is “well leased, presents well, and is a leader in the west submarket.”
“It is unfortunate that the extreme capital market conditions have forced not only Denver West, but nearly all office buildings across the country into financial distress … the financial difficulty is a result of a November loan maturity and a frozen lending market that has been unable to provide new financing,” King said in the statement.
The office building at 5675 DTC Blvd. in Greenwood Village has sold. (Matt Geiger/BusinessDen)
DPC Cos. will move its headquarters from one Denver Tech Center building to another it just purchased.
The real estate investment and development firm snagged 5675 DTC Blvd. in Greenwood Village, a two-story, 52,000-square-foot office building, last week for about $5 million, or $96 per square foot, according to public records.
“We’ve been in business 35 years this year, and we’ve been in the DTC area for about 31 of those years,” Christopher King, DPC CEO and president, old BusinessDen. “We all live close and are believers of the DTC and Greenwood Village area.”
The Chotin Group Corp. was the seller in the deal. The Centennial-based real estate investor and lender, which did not respond to a request for comment, purchased the property for $2.4 million in 2011, records show.
DPC has been leasing space at 7800 E. Union Ave. in Denver. It previously owned that building, but sold it five years ago for about $36 million.
“We have always wanted to own our HQ locations,” King said.
DPC will take 4,700 square feet inside the 675 DTC Blvd. building. And a new tenant, architecture firm THK Associates, has agreed to take another 8,800 square feet. That will make the building fully occupied, except for one 1,500-square-foot vacancy.
DPC has 29 employees, according to King. The firm manages a portfolio of properties across the Rocky Mountain region, King said.
“(We have a) strong presence in the Phoenix-Scottsdale market,” he said. “We’re in Omaha, Nebraska. We’ve been in and out of Salt Lake, Dallas.”
Its holdings span office, retail and industrial properties, according to DPC’s website. It owns 400 S. Colorado Blvd., a nine-story office building, and 4601 DTC Blvd., a 10-story office tower that it controls in conjunction with Rockwood Capital LLC.
The firm also holds the metro area’s largest distressed property, Denver West Business Park in Lakewood, which spans over 80 acres and contains 20 buildings. DPC defaulted on the property’s loan by failing to pay it off upon maturity last year.
King said in a previous statement to BusinessDen that the business park is “well leased, presents well, and is a leader in the west submarket.”
“It is unfortunate that the extreme capital market conditions have forced not only Denver West, but nearly all office buildings across the country into financial distress … the financial difficulty is a result of a November loan maturity and a frozen lending market that has been unable to provide new financing,” King said in the statement.
