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 just eight years ago. The building, located at 5613 DTC Parkway, boasts over 228,000 square feet of office space and has been standing for four decades.
Leading the transaction was Tim Richey of CBRE who represented Buchanan Street Partners as the seller. Kirkpatrick Bank provided financing for the deal which saw a total renovation cost of $10 million by previous owners in both 2018 and 2022 according to reports from Colorado Real Estate Journal. Upgrades included modernized restrooms, a conference room, an auditorium that can accommodate up to one hundred people and a new fitness area among others.
At the time of sale, Axis Tower was operating at an occupancy rate of eighty percent with convenient access to Interstate-25 as well as being adjacent to Orchard light rail station making it an attractive location for businesses looking to establish themselves in Denver’s thriving commercial market.
This recent transaction serves as further evidence that Denver continues to be a hot spot for real estate investments despite current economic challenges nationwide.
