A two-story office building in the Denver Tech Center has sold for nearly 60 percent more than it fetched four years ago.
Denver-based Focus Property Group, which purchased the 5500 Greenwood Plaza Blvd. building in Greenwood Village in the spring of 2018 for $10 million, sold it for $15.7 million last week.
The 69,855-square-foot building was purchased by Beaver Creek Investments LLC and Greenwood Plaza Investments LLC, records show. CBRE brokers Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn, who represented the seller, described the buyer in a news release as a private investor.
Focus CEO Bahman Shafa did not respond to a request for comment. After the company purchased the building in 2018, it filled about 18,000 square feet that had been vacant with Enterprise Coworking, a shared office brand that Focus owns.
The property was fully leased at the time of sale last week. Enterprise continues to operate in the building. Architecture and engineering firm Galloway & Co. is also a tenant.
Local investment fund manager Tyler Tysdal, who is imprisoned on the Western Slope after pleading guilty to securities fraud in 2021, was also once a tenant. In November 2020, Focus sued Tysdal, alleging he had established a cryptocurrency mining operation in the building without permission, generating ““an extraordinary amount of heat.”
Focus also recently proposed building on the last undeveloped lot behind Union Station.