104,702 SF Office Building in Colorado Springs Sells for $17M

Cushman & Wakefield announced the firm has advised the sale of a 104,702-square-foot midrise office building on nearly ±7 acres in the sought-after northern submarket of Colorado Springs. Known as Tech Center VI and located at 5575 Tech Center Drive, the multi-tenant property was 97% leased at closing to 17 tenants, most in the aerospace & defense government contractor industries. The three-story building traded for $17.25 million.

The property was acquired by an entity managed by Alloy Real Estate Capital, LLC, a commercial real estate investment firm based in nearby Lafayette. The seller was Tech Center VI, LLC, an entity managed by Ogilvie Properties, Inc., which was represented by Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik in the transaction.

“This is a high-quality, stabilized office building that has maintained robust occupancy from a strong tenant roster that perfectly suits the submarket’s profile as one of the largest aerospace & defense industry economies in the U.S. Additionally, since the pandemic, nearly all tenants have renewed their lease or are new since the pandemic reflecting the property’s and area’s desirability. Furthermore, our client, Ogilvie Properties, did a tremendous job repositioning the asset with several modern upgrades and capital that included a fully renovated lobby, restrooms, and spec suites throughout,” said Aaron Johnson, executive director. 

Tech Center VI is exceptionally located featuring immediate access to the expanding Interstate 25, quick connection to major military installations, and the extensive executive and employee housing in Colorado Springs’ north side. The property is also just 10 minutes from downtown Colorado Springs, 30 minutes to metro Denver and accessible to Colorado’s Front Range.

Colorado Springs continues to rank among the fastest-growing populations and best places to live in the country by multiple sources.