Multi-tenant office building near Denver Tech Center sells for $39.3 million

Angelo, Gordon & Co. bought 4582 S. Ulster St. — aka Stanford Place III — Oct. 28.

The Denver Tech Center. (Kevin J. Beaty/Denverite)denver tech center; denver; kevinjbeaty; colorado; denverite

A New York investment firm recently picked up a 17-story office building near the Denver tech center for $39.3 million.

The sale was the fifth most expensive office purchase in Denver so far this year, according to city records.

Angelo, Gordon & Co. bought 4582 S. Ulster St. — aka Stanford Place III —  from California-headquartered real estate firm Legacy Partners on Oct. 28. The building houses offices for Aimco Apartments, Heritage Title Co., EKS&H and other tenants.

Office space in the area of Stanford Place III is leasing for $17.67 per square foot on average, according to CBRE Research. Rates have been going up and buildings have remained mostly full in recent quarters which could make owning an office a smart move for investment firms like Angelo, Gordon & Co.

Adrian D. Garcia

Author: Adrian D. Garcia

Adrian D. Garcia covers business and trends for Denverite. He's covered business for The Fort Collins Coloradoan and serves as treasurer for the Colorado chapter of the Society of Professional Journalists.