Three Triad buildings in GV’s Orchard Station lost to foreclosure

BY FREDA MIKLIN
STAFF WRITER

In early December, Focus Triad LLC, owner of the Triad office complex, directly adjacent to the Orchard Light Rail Station, lost the three multi-story buildings located on 22 acres at 5660, 5670, and 5680 Greenwood Plaza Boulevard in Greenwood Village in a foreclosure action.

Two of the Triad buildings were built in 1962, the third in 1972. 

Focus, headed up by Bahman Shafa, purchased the complex in February 2020 for $54 million, most of which was still owed when the property was sold in the foreclosure auction to the only bidder, its lender, Oconee Real Estate Holdings LLC, for $46,400,000. Oconee is an affiliate of Voya Financial. 

Since Oconee was owed more than the amount of their successful bid for the property, they effectively just took it over. 

We reported that the Triad was in trouble six months ago when the lender asked that it be placed into receivership. At that time, Shafa told The Villager that the complex was 77% occupied, but he was unable to refinance his loan because of higher interest rates and banks’ reticence to make loans on older office buildings after the pandemic when it became clear many employees would continue working remotely.

Oconee was also the lender on another multi-story Greenwood Village office building located on seven acres at 7100 E. Belleview Avenue where the owner, Westport Capital Partners, defaulted earlier this year.   In that case, Westport just gave Oconee the keys rather than go through the process of foreclosure. Westport bought the building December 7, 2015 for $19.9 million. Ownership transferred to Oconee on September 27, 2023.

At the same time, a new 12-story office building has been approved by the City of Greenwood Village that will be built by Granite Properties at 6430 S. Fiddlers Green Circle in Greenwood Village. Asked during the approval process about how they expected to be successful in a declining market for office space, Granite did so by using the new idiom, “flight to quality,” meaning that companies that are leasing offices in the current market are looking for the newest, shiniest space available with the most amenities. 

fmiklin.villager@gmail.com