RMR Office Property Fund LP, which is managed by The RMR Group LLC, has acquired Denver-based Belleview Corporate Plaza, a two-building office property. The purchase price was $39.1 million.
Newton, MA (July 1, 2019): The RMR Office Property Fund LP (“the Fund”) today announced that it has acquired Belleview Corporate Plaza, a two-building 172,220 square foot, multi-tenant class A office property located in Denver, Colorado. Net of acquisition related costs, the property was acquired for $39.1 million.
Belleview Corporate Plaza is situated close to several retail and dining amenities within the I-25 corridor and is within a short walk to the local light rail station. The property is 98% leased to tenants in the healthcare, real estate and energy industries and has a weighted average lease term of 6.5 years.
“The acquisition of Belleview Corporate Plaza demonstrates the Fund’s investment philosophy, focusing on core properties in excellent physical condition situated in strong suburban and urban infill office locations and leased to a solid roster of tenants,” said Chris Bilotto, Vice President, The RMR Group and Portfolio Manager, The RMR Office Property Fund LP. “The property is located within the Denver Technological Center, one of Denver’s strongest submarkets supported by one of the highest concentrations of high-tech workers in the nation. Adjacent to a newer mixed-use project, the property fits into the live-work-play dynamic of the local micro-market. Given the well-educated labor pool, convenient location and proximity to market amenities, we believe the property will continue to appeal to high quality companies.”
About The RMR Office Property Fund LP
The RMR Office Property Fund LP is a private, open end core plus fund focused on the acquisition, ownership and leasing of a diverse portfolio of multi-tenant urban infill and suburban office properties located in non-gateway cities throughout the U.S. The Fund is managed by The RMR Group LLC, the majority owned operating subsidiary of The RMR Group Inc.
About The RMR Group Inc.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that was founded in 1986 to invest in real estate and manage real estate related businesses. RMR’s business primarily consists of providing management services to five publicly owned real estate investment trusts, or REITs, and three real estate related operating companies. As of March 31, 2019, The RMR Group LLC had approximately $30.0 billion of total assets under management, including more than 1,500 properties, and employed approximately 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had approximately 50,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.