A utility cooperative has purchased a Broomfield office building and will move its headquarters there.
Tri-State Generation and Transmission Association paid $10.8 million last week for the 6-story, 152,000-square-foot building at 370 Interlocken Blvd., according to public records.
That works out to $71 a square foot. JLL marketed the building.
The deal was a big loss for the seller, Seattle-based Urban Renaissance Group. It paid $34.5 million for the building in June 2022, financing the purchase with a $30.1 million loan from WaFd Bank, records show.
Tri-State spokesman Mark Stutz confirmed the planned headquarters move.
“Tri-State has been headquartered at 1100 W. 116th Ave. in Westminster since 1997. This facility has reached its end-of-life cycle,” he said in an email.
The 370 Interlocken building is 40% leased, according to CoStar. Stutz said Tri-State, which has 400 employees at its current headquarters, will keep some tenants in place.
Tri-State has yet to decide what to do with its current headquarters building, which it owns, Stutz said. The wholesale power supplier has 45 members and says it provides power to more than 1 million people in Colorado, Nebraska, New Mexico and Wyoming.
Seller Urban Renaissance Group’s Colorado portfolio has been dwindling. In Denver, it recently surrendered 2399 Blake St. to a lender, lost LoDo’s Market Center to foreclosure and sold Fox31’s broadcast building at 100 E. Speer Blvd. to the station’s parent company. It still owns 2301 Blake St.
In Broomfield, URG still owns two office buildings, at 380 and 390 Interlocken Crescent, adjacent to the one it just sold. The latter is the headquarters of ski resort operator Vail Resorts. URG and Rockwood Capital purchased those buildings in 2022 for a combined $102.5 million.
Read more from our partner, BusinessDen.
Get more business news by signing up for our Economy Now newsletter.
