A new speculative building, located on 5.73 acres, will be built this spring, according to developer Dan Gerken. The building will be located at 5535 Tech Center Drive in the Colorado Springs Technological Center.
The land was purchased by Gerken and his partner, Josh Taxman, for $811,800. The building will be approximately 100,000 square feet and cover three floors.
Gerken and Taxman are employed in real estate investment and management ventures, including several apartment projects in the Dallas area.
The new building is good news for those looking to relocate to the Tech Center. The center has drawn companies due to its neighborhood-like environment and its easy access to Interstate 25.
“This is a great area for companies that have business both in Colorado Springs and Denver because of the good interchange and easy access,” Gerken said.
Currently located in the Tech Center are Federal Express, the Pro Rodeo Association, and the Marriott Hotel. Gerken and Taxman also own Tech VI, another office building in the center. The 105,000-square-foot Tech VI was purchased in 1994 from Citicorp Its tenants include Ford Motor Credit, Qual-Med, Farmer’s Insurance, and Blue Cross/Blue Shield.
Gerken said he expects the leasing activity to come from the brokerage community, and he anticipates 10% to 20% will be leased before construction begins.