One Gateway Plaza, Colorado Springs
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Year Built: 1986 |
One Gateway Plaza is a four-story suburban Class A multi-tenant office building with a fifth floor penthouse totaling 113,139 rentable square feet. Crestone’s principals and staff managed and leased the property for its owners, Amerimar Enterprises, an affiliate of Amerimar Realty. The building is located in the East/Airport submarket of Colorado Springs, which had the lowest vacancy rate in the city of only 3.4% at the time of acquisition. The main lobby of the building has an attractively landscaped, four-story atrium with a large skylight. The building was primarily leased to national companies with a strong emphasis on the defense industry. The property is strategically located in an area accessible to the CBD, Municipal Airport, Peterson Air Force Base and the North American Aerospace Defense Command facility (NORAD) which is located in Cheyenne Mountain.
When Amerimar Enterprises acquired the property in January 1999 the building was only 70% leased. With strategic capital improvements and an aggressive leasing program, the building achieved stabilization by July 1999. It was sold in July 2001 for a significant profit.
