5500 Greenwood, a 69,855-square-foot office building in Greenwood Village, has sold to a private investor for $15.7 million.
Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn with CBRE Capital Markets in Denver represented the seller, Focus Property Group.
Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Company and Enterprise Coworking.
The property has easy access to both 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. Metro Denver’s suburban office markets have seen a quicker pace of recovery so far this year, and that is driving interest in well-located, well-leased properties,” said Mr. Brady, first vice president, CBRE.
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 sq. ft. 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 sq. ft. of negative net absorption downtown. Office market vacancy stood at 17.6 percent in Denver’s suburbs, as of the end of the second quarter, versus 26.9 percent vacancy downtown.
