A construction contracting firm has purchased its Denver Tech Center headquarters at a discount.

ISEC Inc. bought the 50,000-square-foot office building at 6000 Greenwood Plaza Blvd. in Greenwood Village on May 22 for $5.85 million, according to public records. That works out to $117 per square foot.

The price is 20% below the $7.3 million that the seller, PYFR LLC, paid for the building in October 2021, records show. A $3.65 million loan that the owner subsequently took out against the property wasn’t slated to mature until November 2027.

Phil Hodgkinson of Grand American, which managed the building on behalf of the seller, said ISEC uses half the building. The end of the company’s lease was nearing and ISEC was considering options elsewhere when both sides settled on a sale, he said.

ISEC President and CEO Greg Timmerman didn’t respond to requests for comment.

Overall, the building is 92% leased, according to Hodgkinson. He said the seller increased the property’s occupancy, but its value dipped because of the broader downturn in office properties. ISEC was founded in Colorado in 1967 and has been employee-owned since 1987, according to its website. The company says it has over 1,200 employees and did $500 million in revenue in 2023.

Locally, ISEC has done work at Aurora’s Gaylord Rockies hotel and LoDo’s McGregor Square, its website states.

Two blocks to the west of ISEC’s building, a lender recently foreclosed on Unico’s Harlequin Plaza office complex.

— Thomas Gounley, BusinessDen