First Avenue Plaza

Jones Lang LaSalle, Americas (“JLL”) is pleased to present the exclusive opportunity to acquire First Avenue Plaza (the “Property” or “Asset”), a two-building complex situated in Cherry Creek, one of the nation’s most elite office and lifestyle micro-markets. The Property’s two buildings comprise 264,405 SF and are currently 96% leased with 4.2 years of weighted average lease term.

Cherry Creek stands as one of the premier office submarkets in the United States, and First Avenue Plaza is positioned to reap the full benefits of this dynamic location. The submarket’s nation-leading demographics, supply-constrained environment, and sustained high-quality tenant demand have produced a leasing backdrop that few markets nationally can match.

Current ownership acquired the Property in 2022 and has executed an exceptional value-creation story:

1. 209,000 SF of new and renewal leasing since acquisition — 80% of total rentable area
2. Occupancy grown from 88% → 96%
3. In-place rents grown from $21.50/SF NNN → $40.50–$42.50/SF NNN — 17% compounded annual growth
4. 68,000+ SF of spec suites leased — every suite delivered by current ownership leased prior to completion
5. 54% average mark-to-market captured as legacy tenants renewed without hesitation

This performance is driven by a durable, structural advantage: First Avenue Plaza trades at a 40% discount to trophy Cherry Creek rents, creating a compelling value proposition for tenants who want a Cherry Creek address without paying the top of the market.

The go-forward opportunity is equally compelling. A 60% cumulative mark-to-market remains over the next five years, with meaningful de-risking built into the rollover profile:

1. 41% of upcoming expirations are tenants at the end of their first lease at First Avenue Plaza — tenants who deliberately choose Cherry Creek rarely leave
2. 85% of leased suites have received TI allowances within the last five years, materially reducing capital exposure for incoming ownership

The physical asset reinforces the investment thesis. 44 Cook and 55 Madison offer 14,000–18,000 SF floor plates — the largest in the competitive set — giving tenants the flexibility to grow, shrink, or relocate internally. Renovated lobbies, a new amenity center, and a 3.0/1,000 parking ratio with below-grade executive parking round out a physical profile that is increasingly difficult to replicate in Cherry Creek.

The submarket backdrop only strengthens from here. Average household incomes exceed $221,000 within one mile, and transformative mixed-use development — Cherry Creek West, Cherry Lane, the Waldorf Astoria Residences, the planned Four Seasons Private Residences — continues to elevate Cherry Creek as Denver's premier live-work-play destination. For tenants, that means brand positioning and workforce experience advantages that no other Denver submarket can offer.