Capri EGM hs announced that it has acquired the office building that will serve as the head office for Comcast Corporation (NASDAQ:CMCSA) in Denver, Colorado.
Comcast had announced that in 2016 that it had plans to lease the building which is still under construction in the Inova Dry Creek business park. The property is a project that is being developed by a firm called United Properties. Comcast plans to use the building as its head office once the construction work is completed. Capri EGM reported that the construction work including the tenant finish should be completed by August.
“A long-term lease to an investment grade tenant like Comcast will often pique the interest of core single-tenant investors,” stated Tim Richey, the VC of CBRE Group Inc (NYSE:CBG), the company representing the sellers in the deal.
The new building will be an attractive offer for Comcast
Comcast wants to turn the new location into its headquarters for numerous reasons. It is a new location that offers a lot of space and amenities. Richey pointed out that the new building has the latest design and architecture, thus offering something fresh. There is ample parking and the location is highly accessible.
Capri’s business model involves making purchases that are almost under completion or those that have been finished recently. It then retains the property over the long term. Capri CEO Shelby Pruett stated that the long term lease by Comcast and its strong financial position are a robust addition to Capri EGM’s portfolio. None of the two parties involved in the sale disclosed the purchase price at which the deal was struck.
The building will not only be the new home for Comcast, it will also serve as the company’s fastest growing area. The new HQ is expected to house more than 1,400 people. The firm also plans to employ roughly 6,000 people in the Southeast Area of Denver. As for Capri, it reportedly got a good deal especially because it has been working together with United Properties towards the development of the building.
Comcast stock closed the latest trading session at $40.33 after gaining by 1.38 percent compared to the previous close.