ParkRidge Six - Exterior - Front

Mile High CRE: New Partnership Acquires Class A Office Building in Lone Tree

Confluent Development has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, and made its first acquisition: ParkRidge Six, a five-story, 161,000-square-foot, Class A office building in Lone Tree. This acquisition reflects Confluent Development’s pursuit to revitalize office properties amid dynamic changes within the asset class and the ongoing evolution of today’s workforce.

Following its core business practice of maintaining disciplined entrepreneurialism throughout the market cycle, Confluent Development is strategically investing in office assets that have the potential to outperform as the future of the office is identified and the office markets stabilize. The decision to invest in ParkRidge Six, currently 100% leased, is a direct result of this vision.

“This acquisition signifies the start of a sustained initiative, where Confluent Development and its partners are taking a highly disciplined approach towards office investment,” said Marshall Burton, CEO at Confluent Development. “ParkRidge Six’s strong tenancy, flexible floor plans, and highly visible, mixed-use location in one of the metro area’s most educated and affluent suburbs all supported an investment with the potential to outperform, while offering numerous mitigants to downside risk.”

The property boasts unobstructed mountain views, a generous parking ratio of 4.1/1.0K square feet, and various amenities including a third-party operated cafeteria, large format training rooms, a fitness center, small breakout rooms and outdoor amenity space. Located in the southeast submarket of Denver, ParkRidge Six provides convenient access to southeast Denver’s single-family housing via I-25 and C-470, as well as north to the Denver Tech Center and the Denver CBD via light rail.

ParkRidge Six captured the attention of Confluent Development and Ascentris as a desirable location for businesses and residents that continue to locate to the Lone Tree area. It is visible from I-25 and within a five-minute drive of Park Meadows, featuring over 200 stores and restaurants, as well as the RidgeGate master-planned community, including a Sprouts grocery store and various dining options.