Greenwood Village office building loses half its value in six years

Greenwood Village office building loses half its value in six years

BY FREDA MIKLIN

Although office buildings in south metro Denver have not generally experienced vacancy rates as high as those seen downtown in the city’s center, older, Class B space has been increasingly difficult to lease in our area, even with reduced rents.   

5600 S. Quebec Street in Greenwood Village

On April 8, 2024, a three-story, 163,323-square foot, 50-year-old office building with 654 surface parking spaces on 10 acres at 5600 S. Quebec Street in Greenwood Village, was purchased by 5600 S Quebec LLC of Dallas TX, for $9,000,000. The seller, HRE Quebec LLC of Northbrook IL, purchased the property on May 16, 2018 for $18,000,000. 

Advertising for space in the building indicates it has local ownership and contains the name Good Signature Management, whose CEO and founder is Ken Good, a local real estate investor. Good’s company, which operates in Texas and Colorado, lists the building as one of its properties on its website. Space throughout the building is currently being offered for lease at $19.00 per square foot.

Monument sign outside building at 5600 S. Quebec Street appears to have had some tenant names removed on the bottom.

The property is one-half mile away from the Orchard Light Rail station.

Current tenants listed on the directory at the building include solar energy company Arcadia, Care Point P.C., 7-Eleven, Inc., Fairway Independent Mortgage Corp., Acute WealthCare, LLC, HealthOne Health Care at Home, Colorado Muscle Worx, and ImproveYourHouse.com. There are 11 vacancies listed.

One year ago, Cherry Hills Village resident Afshin Safavi bought a similar-size building with 163,647 rentable square feet and 708 parking spaces two blocks away at 5800 S. Quebec Street in Greenwood Village for a fraction of its prior value. It is a five-story, 45-year-old structure on 6.24 acres that had last changed hands in 2013 for $27,000,000. 

Safavi announced plans to make the building the home of Colorado Health & Tech Centers, a venture that would house medical and biotech entities.