Koebel and Co. recently acquired the 12-story Axis Tower in Denver’s Tech Center for $26 million, a significant discount from its previous sale price of $32.75 million eight years ago. The building, located at 5613 DTC Parkway, offers 228,000 square feet of office space and has been standing for over four decades.
Leading the transaction was Tim Richey of CBRE who represented Buchanan Street Partners as the seller. Kirkpatrick Bank provided financing for this deal which saw a successful renovation project by the sellers in both 2018 and 2022 with an investment totaling $10 million. Upgrades to restrooms, conference rooms, auditoriums and fitness areas were included in these renovations which resulted in an occupancy rate of 80% at the time of sale.
Conveniently situated near Interstate-25 and adjacent to Orchard light rail station,the offices offer easy accessibility to commuters making it a highly desirable location within Denver’s commercial real estate market.
