Development

Sale of Office Building Shows Continued Demand for Office in Colorado Springs

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Synergy Corporate Center, located at 5225 N. Academy in Colorado Springs, has sold to a Colorado-based investor group that purchased the asset from Great Western Foloh, LLC for $6.55 million.

The 44,256 rentable square-foot office building is located along the North Academy corridor and benefitted from approximately 90 percent occupancy at closing, providing sustainable cash flow for the new owner as this asset has experienced consistent leasing prior to and throughout COVID-19.

The seller was exclusively represented by John Witt and Ben Swanson of Quiver Investments and the buyer was represented by Riki Hashimoto of Newmark.

Ben Swanson, principal at Quiver Investments said, “Synergy Corporate is a testament to the continued demand for office, both by tenants and investors, despite some national headlines to the contrary. With the military presence, the continued migration of both residents and businesses to Colorado Springs, and minimal new development, the office market remains strong throughout Colorado Springs.”

 

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