CBRE Brokers $20.9 Million Sale of Office Building in Golden, CO

CBRE announced the $20.9 million sale of 6th Avenue West, a multi-tenant office building in Golden, Colo., to Centre Point Properties, LLC. Patrick Devereaux, James Brady, Campbell Davis and Charley Will with CBRE’s Denver office represented the seller.

Located at 350 Indiana Street, 6th Avenue West is an in-fill, Class A, eight-story office building totaling approximately 125,000 rentable sq. ft. with covered parking. The building was 75 percent leased at the time of sale to companies in a variety of industries, including engineering, medical, professional and financial services, real estate, and consumer goods.

Originally constructed in 1984, 6th Avenue West was renovated between 2017 and 2022. The seller updated the lobby and common areas, fully renovated the restrooms, upgraded the building systems, and added new amenities. Today, amenities at the property include a 100-person+ conference center with an attached catering kitchen, fitness center with locker rooms and showers, bike storage/repair facility, on-site café, outdoor patio, covered parking, and electric car charging, among others.

“6th Avenue West’s amenities are best of class for West Denver, a supply constrained submarket with virtually no land for future office development and a deep executive housing base. Due to its Class A design and upgrades, the building’s historical occupancy has outperformed its competitive set,” said Patrick Devereaux, senior vice president, CBRE.

West Denver’s office market is characterized by historically low vacancy rates and significant barriers to entry with limited remaining sites available for office development. As construction costs and land values continue to rise, the cost to construct similar office buildings in Golden is estimated to be $350 to $375 per sq. ft.