Cushman & Wakefield has announced the successful sale of Corporate 25, a premier three-building, multi-tenant office campus located at 7200 South Alton Way in Centennial. The property, comprising 134,598 square feet of net rentable area on 6.64 acres, was acquired by Greenwood Village-based NexGen Properties, a private real estate acquisition, development and investment firm, in an all-cash transaction for an undisclosed price well below replacement cost. Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson represented the seller, San Francisco-based Graham Street Realty, in the transaction.
Corporate 25 is currently 90% leased to more than forty tenants across a diverse range of industry sectors, providing stable in-place cash flow with significant upside potential through the leasing of remaining vacancies. The property features flexible and efficient floorplates tailored to smaller tenants, with an average suite size of approximately 2,400 square feet, aligning with current market demand. Nearly 80% of all suites have been improved for immediate occupancy, minimizing tenant improvement costs during lease rollover. The tenant roster includes prominent organizations such as Westrian Group (JR Engineering), Hillary A Reed Interiors LTD, Fast Enterprises, Behavior Frontiers and FedEx. No single tenant occupies more than 10% of the total net rentable area, reducing exposure to any one occupant.
Recent capital improvements to Corporate 25 exceed $3.5 million and include elevator modernization, boiler replacement, parking lot upgrades and extensive tenant improvements. The property offers a robust suite of on-site amenities, including a fitness facility with showers and lockers, multiple shared conference rooms, building storage, outdoor private decks and rooftop patios with mountain views. The surrounding neighborhoods offer extensive executive and employee housing options, with an average household income of $185,069 within a three-mile radius—well above the Colorado average. The area boasts a population of 86,318, strong employment and proximity to major employers and retail destinations.
“Corporate 25 is a small-tenant office building that is exceptionally well located with direct visibility to I-25,” said Johnson, executive director, Cushman & Wakefield. “The buyer pool was attracted to the quality of spec suites, common area improvements, strong historical occupancy levels and limited capital required for continued leasing success. These factors were supported by ongoing leasing momentum during the marketing process, solidifying the asset’s position in the submarket.” During Corporate 25’s marketing period through closing, the building’s occupancy increased from 83% to 90%.
“Corporate 25 presented NexGen Properties with an opportunity to acquire a well-located, amenity-rich office asset at a compelling basis,” said Matt Bernstein, vice president, acquisitions & asset management, NexGen Properties. “Our attractive basis enables us to reinvest capital into Corporate 25 to improve the property, address deferred maintenance and continue the spec suite program to meet market demand.” Originally constructed in 1980, Corporate 25 caters to small tenants seeking move-in-ready office space with efficient and flexible floor plates that meet modern-day office demand at a competitive price point.
NexGen Properties retained Cushman & Wakefield’s team of Zach Williams, Nate Bradley and Ryan Stout for the leasing assignment. They also engaged Griffis Blessing, Inc. as the new property manager for Corporate 25.
“Considering the challenging capital market conditions for office buildings, NexGen’s ability to acquire Corporate 25 with all cash set us apart from the other bidders,” said Travis McNeil, president, NexGen Properties. “The small tenant profile results in an ‘apartment style’ office asset that will enable NexGen to withstand any further office leasing headwinds. We are confident in our ability to perform on our value-add business strategy and manage the risk profile associated with the small suite sizes.”
This is the second asset NexGen Properties has acquired from Graham Street Realty after closing on 384 Inverness in June 2023.
