Albany Road Enters Colorado With $32M Office Buy

Epic One. Image courtesy of Cushman & Wakefield.

An affiliate of Albany Road Real Estate Partners has purchased Epic One, a 146,099-square-foot Class A office building in Colorado Springs, Colo. The property changed hands for $31.7 million, with the help of an acquisition loan originated by Citywide Banks, a division of HTLF Bank, according to El Paso County public records. Cushman & Wakefield represented the seller, identified by CommercialEdge as Crescent Real Estate.

Earlier this year, Crescent, along with Goldman Sachs Asset Management’s Real Estate Business and Lionstone Investments, sold Flatiron Park, the largest life science and office campus in Boulder, Colo. According to a spokesperson for the buyer, the purchase price exceeded $600 million.

Entering Colorado

The Epic One buy marks Albany Road’s first acquisition in the state of Colorado, Peter Albro, managing director at the company’s Mountain States office in Denver, said in prepared remarks. Located at 10807 New Allegiance Drive in the northern part of the city, the five-story Epic One is part of InterQuest Business Park.

The LEED Silver-certified asset is situated on a 9.4-acre lot, between Interstate 25 and Interquest Parkway, with downtown Colorado Springs 13 miles away. Dating back to 2009, the building features 29,139-square-foot floorplates, three passenger elevators, a fitness center and 656 parking spots, CommercialEdge shows.

Epic One was roughly 87 percent leased at the time of the transaction to tenants across diverse industries, including health care, technology and aerospace. Cushman & Wakefield’s team included Managing Directors Aaron Johnson and Jon Hendrickson.