Koelbel and Company, a family-owned, Colorado-based real estate company with a 70-year history, continues to grow its commercial office investment portfolio with the recent acquisition of the Axis Tower, a marquee office property in the Denver Tech Center.
The 228,914-square-foot building, located at 5613 DTC Parkway (just east of I-25 between Orchard and Belleview), was originally built in 1981 and is currently 80% occupied. The previous owner recently completed a $10 million renovation of the common areas, including a fitness center, tenant lounge, conference center, and 100-person training auditorium. The building also has a covered parking garage on-site. These upgrades make the Axis Tower one of the higher-quality buildings in the submarket and the type of property that continues to drive demand for tenants looking for office space.
“Koelbel and Company has a 40-year history building, owning, and managing office buildings in the Denver Southeast and DTC markets and we are excited to now own one of the marquee buildings in the sub-market,” said Walt Koelbel, vice president of commercial real estate for Koelbel and Company. “We continue to believe that while the office sector has changed, high-quality buildings in the right locations will hold value and be in demand.”
The lender for the deal is Kirkpatrick Bank and the leasing brokers are Andy Ross, John Beason, Victoria Blackstock of JLL Real Estate.
“This is an exciting project for Kirkpatrick Bank to be a part of because we have tremendous confidence in Koelbel and Company,” said Richard Morgan, SVP head of lending – Denver for Kirkpatrick Bank.
Koelbel and Company’s investment division actively seeks commercial projects throughout the country. The firm’s expertise spans underperforming value-add assets of all classes, including office, flex, light industrial and retail. Founded in 1952, Koelbel and Company is Colorado’s oldest family-owned real estate development company, now in its third generation of family stewardship.
