Focus Property Group sells Greenwood Village office building for $15.7 million

(Courtesy of CBRE)

By Margaret Jackson / NewsBreak Denver

(Greenwood Village, Colo.) A private investor paid $15.7 million for 5500 Greenwood, a 69,855-square-foot office building at 5500 Greenwood Plaza Blvd. in Greenwood Village.

Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking.

The property has easy access to Interstate 25 and C-470 and is within walking distance of the Orchard Light Rail Station and The Landmark shopping center.

“5500 Greenwood attracted interest for its location in southeast Denver, which is the metro’s second-largest employment center and an area that has seen tremendous growth over the last two decades,” said James Brady, first vice president of CBRE Capital Markets in Denver, who along with Patrick Devereaux, Campbell Davis and Chad Flynn represented seller Focus Property Group.

“Metro Denver’s suburban office markets have seen a quicker recovery so far this year, and that is driving interest in well-located, well-leased properties.”

Metro Denver’s suburban office market outperformed the downtown office market through the first half of the year, according to CBRE research.

The suburbs saw 474,711 square feet of positive net absorption, a measure of net move-ins and move-outs, in the first six months of the year, compared to 353,860 square feet of negative net absorption downtown.

Office market vacancy stood at 17.6% in Denver’s suburbs versus 26.9% downtown.