Harlequin Plaza

7600 E Orchard Rd, Greenwood Village, CO, 80111-2518, US

Description

Jones Lang LaSalle, Inc. (“JLL”), as exclusive advisor, is pleased to present Harlequin Plaza (the “Property”), a generational opportunity in Denver’s prestigious Greenwood Village submarket. Harlequin Plaza is comprised of two office buildings totaling 329,926 square feet on 18.07 acres.

Lender-owned, and currently 59% leased with 2.7 years of WALT, Harlequin Plaza presents a value-add investor the opportunity to acquire one of the most relevant assets in the market at a reset basis with an anchor tenant looking to expand and extend their term.

An original John Madden Development, Harlequin Plaza was thoughtfully designed to incorporate timeless elements, such as continuous and sawtooth window lines to capture Colorado mountain views, underground executive parking, three and four-story atriums, and a 46,000 square foot plaza connecting the two buildings with outdoor seating.

Harlequin Plaza has maintained a differentiated offering relative to its competition. In addition to its base building attributes, Harlequin Plaza has a market leading fitness center with showers and lockers with towels service, an on-site café, multiple conferencing centers, a tenant lounge, a putting green, EV charging stations, an on-site ATM, ample storage, card key access, and a tranquil campus feel that is adjacent to park.

Harlequin Plaza offers investors multiple avenues to value creation. With a reset basis, the base case is a thoughtful spec suite plan targeting the underserved mid-size tenant in a submarket that has proven to be resilient over time. Also, Harlequin Plaza’s 18.07 acres presents a compelling opportunity to add density to the site given the surrounding residential and retail developments in progress within the city of Greenwood Village.

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Attributes

Building area net

30,651 sm

WAULT

2.7 years

Occupancy

59.2%

LEED

Gold

Media

Investment highlights

Prestigious Greenwood Village Location: Prime location within the Denver’s traditionally strong Southeast market that houses the majority of Denver’s Fortune 500 headquarters, making it one of the city’s most successful office markets historically.

A True HQ Quality Asset with an Anchor Tenant Looking to Expand & Extend: Bellco Credit Union has maintained deep operational roots at Harlequin Plaza since 1993, demonstrating over 30 years of occupancy and long-term commitment to the property.

Significant Discount to Replacement Cost: Exceptional investment opportunity to acquire a uniquely positioned piece of Greenwood Village at a basis that is already an 91% discount to replacement cost

Repositioned Asset with a Differentiated Amenity Set: Offers best in class amenities and checks many of the boxes for tenants relative to its competitive set such as an outdoor plaza, fitness center inclusive of showers and lockers, LEED Gold Certified, EV charging ports in covered parking spots.

Business Plan Optionality, Including Midsized Spec Suites & Retail Development: 75% of the relocations over the past 24 months have signed leases in “spec suites”. While the majority of spec suite leasing occurred in 10,000 sf or less, Harlequin Plaza offers an incredible opportunity to attack the mid-size and large spec suite market which has extremely limited supply.