State Land Board Buys Golden Office Building For $15.9M

GOLDEN, CO – One of Golden's biggest office buildings was purchased for $15.9 million by the Colorado State Land Board, an organization that buys land in trust for state uses.

Colorado Real Estate Journal reports that the 78,647 sq. ft. office building at 600-650 12th St.was sold for $202.17 per square foot.

The building is the site of Big Ring Cycles, Anthony’s Pizza & Pasta and Barrels & Bottles Brewery, as well as some other business-related tenants. CREJ reported the building was "95 percent occupied at the time of the sale."

The agency projects that they will earn $1 million per year in revenue from the rental of the building, Kristin Kemp the State Land Board's communications officer said in an email.

The building was constructed in 2002 by a Denver developer that went bankrupt in 2008, according to press accounts at the time. It was purchased in 2011 by Los Angeles-based Karlin Golden LLC, a Karlin Real Estate affiliate, according to media accounts.

Matt LaFontaine, acquisition and disposition manager for the Colorado State Land Board told CREJ that the building was likely to appreciate in value and would generate in income. “This building will help our agency fulfill its mission of funding Colorado’s K-12 schoolchildren,” LaFontaine said.

READ MORE in the Colorado Real Estate Journal