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.

Adrian D. Garcia

Nov. 03, 2016, 5:33 p.m.

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.

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