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Denver Highrise Sells at a Discount
Koelbel and Co. acquired the 12-story office Axis Tower in the Denver Tech Center for $26 million, $6 million less than the seller paid for it eight years ago. The 12-story building is located at 5613 DTC Parkway. The 228,000-square-foot asset is 40 years old.
Tim Richey led a CBRE team representing Buchanan Street Partners, the seller. Buchanan paid $32.75 million for the high-profile office tower in 2016. Kirkpatrick Bank was the lender in the deal. The Colorado Real Estate Journal reports that the sellers renovated the building for a total of $10 million in 2018 and 2022. The upgrades included restrooms, a conference room, a 100 auditorium and a new fitness area. Axis Tower was 80% occupied when sold.
The offices are just off Interstate 25 and adjacent to the Orchard light rail station.
- ◦Sale/Acquisition
