Sale of Prominent Office Building in Golden Sets New Record
Golden Center, a 11,706-square-foot office property located at 1111 Washington Ave. in Golden, has sold for $2,990,000, setting a record for per-foot pricing for office sales in Golden.
Brandon Kramer and Jacob F. Rocker, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Brandon Kramer and Jacob F. Rocker.
The property is located directly under the “Welcome to Golden” sign, which puts it in every picture of downtown Golden.
“This asset sits in the most prominent location in a highly desirable suburb of Denver. The building’s location provides great visibility for tenants and makes it a generational asset for the owner,” Kramer said.
The demand for suburban office space continues to rise due to the increasing cost in central business districts. Marcus & Millichap research shows that demand for suburban office space outpaces the demand for office centers in large metropolitan areas. In the last five years, suburban office vacancy rate has dropped 180 basis points, while urban vacancy decreased by 80 basis points.
Coincidentally, the growing demand for the office product in suburban space is putting an upward pressure in pricing. The Golden Center has set a record for per-foot pricing for office sales in Golden.
Photo courtesy of Marcus & Millichap