Crescent Real Estate sells class A office portfolio in Colorado Springs

Crescent Real Estate has sold a premier class A office portfolio totaling 1.02 million square feet in Colorado Springs, Colo.

The monumental portfolio comprises 13 buildings that were sold as either individual buildings or micro-portfolios to multiple buyers during the past four years for an aggregate price of approximately $180 million.

“Crescent had the incredible foresight to acquire these assets in 2018 prior to Colorado Springs’ robust growth and ascent as the one of the highest-growth markets in the country. The company made a substantial bet in acquiring 12 percent of the local market’s total class A/B office inventory, and that confidence paid off,” said Aaron Johnson, managing director at Cushman & Wakefield, who represented the seller.

When Crescent first acquired the entire 13-building portfolio, it was 77 percent leased. During their ownership, they elevated the portfolio to 89 percent leased overall and were also able to see an 11 perce