Farmers Pays $22.8 Million for 135,144 SF in Southeast Corridor

Farmers New World Life Insurance Co. is snapping up two class A office buildings along the southeast corridor for $22.8 million, one of the highest prices ever paid for a Denver-area office building outside the limits of the Denver Technological Center.

Los Angeles-based Farmers paid $168.60 per sf for the buildings in the Park Meadows Corporate Center. The fully leased buildings are occupied by the University of Phoenix and Nextel Corp., CB Richard Ellis broker Ron Urgitus told GlobeSt.com. Urgitus and fellow broker Tim Swan have negotiated the sale.

“In my opinion, this sale sets a new benchmark,” says Urgitus. Spiral Development is the seller of the buildings – a combined 135,144 sf – at 10002 and 10004 Park Meadows Drive, situated at the intersection of C-470 and Interstate 25.