Office Portfolio in Colorado Springs Sells for $33.25M
Denver-based Broe Real Estate Group has acquired a three-building Class A office and office/flex portfolio totaling approximately 260,000 square feet in northern Colorado Springs for $33.25 million. The portfolio is located at Telstar Dr and Research Pkwy within the premier Briargate Business Campus and was approximately 63 percent leased to a diverse tenant base.
The Briargate Portfolio consists of three Class A buildings located at 1755 Telstar Dr (156,311 sf), 2025 Research Pkwy (53,183 sf), and 2075 Research Pkwy (50,552 sf). The buildings are elevated above Interstate 25 with prominent visibility, with mountain views and walkable access to numerous restaurant and retail amenities, including at The Promenade Shops at Briargate; an upscale outdoor lifestyle center.
Managing Directors Aaron Johnson and Jon D. Hendrickson with Cushman & Wakefield represented the seller in the transaction.
“This portfolio presented an exceptional value add opportunity with one of Colorado Springs’ most recognizable and notable assets,” said Aaron Johnson. “The property is well-positioned within a strong growth market in an advantageous location that is very close to freeways, an abundance of amenities and housing.”
Johnson added, “This transaction also speaks volumes to the confidence that investors have in the future of office space and the return by companies to the workplace.”
Located less than one mile from Interstate 25 and Briargate Pkwy interchange, the Briargate Portfolio provides tenants with quick connection to the extensive executive and employee housing on Colorado Springs’ north side, is ten minutes from Downtown Colorado Springs and only thirty minutes from Metro Denver.
Colorado Springs is the second-largest city in Colorado. The area’s population growth and growing economy is highly diversified across many industry sectors.
Photo courtesy of Cushman & Wakefield