Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing an office building for sale at 16401 East Centretech Parkway in Aurora, Colorado. The property is a 116,500-square-foot office building located approximately 13 miles from downtown Denver. Built in 1998, the three-story building is currently fully leased to the Defense Health Agency (the “GSA”). While the GSA currently occupies the entire building, it recently signed an extension that is structured to take effect at the conclusion of building and tenant-improvements specified in the lease (delivery anticipated for the first quarter of 2019). As part of the 15-year extension (10 years firm term), the GSA will be downsizing to 87 percent from 100 percent of the building, allowing for lease-up of the vacant space.
Aurora, Denver’s strongest office market, is a suburb located approximately 10 miles east of downtown. The office building for sale is less than five miles from the Fitzsimons Medical Campus and Life Science District, a $5.2-billion redevelopment that will employ nearly 50,000 people at full build-out. Additionally, the property is located approximately 15 miles from the Denver International Airport, which serviced more than 61 million passengers in 2017. Access to 16401 East Centretech Parkway is provided by Interstate 225 (1.5 miles away) and 6th Avenue (less than one mile away), two of Denver’s main thoroughfares.
In 2016, a receiver was appointed to oversee a portfolio of properties, including the subject, and it has maintained oversight of the properties since. The subject transaction will be a receivership sale, in which ownership will be transferred to the winning bidder.