A California real estate trust sold the Westminster headquarters of a satellite image company for $60M less than what it purchased the building for 11 years ago.

The office at 1300 W. 120th Ave. sold for $32M at the end of October, according to the Denver Business Journal. It houses the headquarters of Vantor, formerly Maxar Intelligence, a global satellite imaging and spatial intelligence firm.

Peakstone Realty Trust, based in El Segundo, California, originally bought the property in 2014 for $92M. A special warranty deed filed in Adams County shows Peakstone sold the office to Westminster Colorado Properties, a Nevada LLC, which is working with AXS Opportunity Fund.

AXS is a real estate private equity firm new to Colorado with a portfolio of commercial holdings in California, Arizona, Texas and the Great Lakes region.

The Westminster property is 32 acres with a 482K SF office and a 546K SF parking structure, both built in 1999.

In recent months, Peakstone has sold a number of office properties around the country as the company shifts to emphasize industrial properties and outdoor storage. The company aims to sell off all of its office properties by the end of this year or early 2026.

Denver’s office investment activity is on an upward trend, with volume increasing 97% from Q3 to Q4, according to a CBRE report.

Bisnow reported in May that investors are taking advantage of prices brought low by market conditions and, sometimes, financial distress.

“We might not be No. 1 in population growth or vacancy rates, but Denver presents a pretty good canvas for investment,” Erik Edeen, Avison Young principal and senior director of U.S. investment sales, told Bisnow.