El Segundo, Calif.-based Griffin Capital Corp., on behalf of Griffin Capital Net Lease REIT Inc., has acquired a three-story, approximately 131,000 square-foot office property in Greenwood Village, Colo., that serves as regional headquarters of the Travelers Indemnity Co.
The property purchase price of $16.1 million represents a 7.61% initial capitalization rate on in-place rents and equates to $123 per square foot.
‘Our ability to respond creatively to the tenant's needs allowed us to execute a lease extension and acquire a quality asset with a stable, long-term income stream secured by an organization with over 100 years of continuous operating history,’ says Louis Sohn, Griffin Capital's senior vice president of acquisitions.
