Triangle Building to break ground in October
East West Partners and an affiliate of Starwood Capital Group plan to break ground on the Triangle Building next to Denver Union Station in October.
The 10-story, 200,000-plus-square-foot office building will cost an estimated $85 million and is scheduled for completion in May 2015. It will feature nine stories of office space, 10,000 sf of street-level retail space and two levels of underground parking. Todd Wheeler of Cushman & Wakefield of Colorado will lead the leasing …
Summit Materials selects LoDo building for headquarters
Summit Materials is moving its Washington, D.C., headquarters to Mercantile Square in Lower Downtown Denver.
The company signed a seven-year lease for 16,653 square feet of third-floor space that spans 1550 Wynkoop St. and 1628 16th St. The Colorado Economic Development Corp. recently approved $1.3 million in incentives for the corporate relocation, which will bring 79 jobs to the state.
“We’re thrilled,” said Mike Coughlin of Coughlin & Co., which owns the…
Longtime owner sells Armory Building in $6.31 million deal
A historic Pearl Street building leased to a hip national retailer sold for $6.31 million.
R&L Properties, through a pair of limited liability companies, bought the Armory Building at 934 Pearl St. from Armory Building LLC. Urban Outfitters occupies the 12,298-square-foot structure, which was built in 1898 for Company H of the Colorado First Infantry.
“We were seeking out to try to find the best building in Boulder, and we think we did. It’s a great building, a h…
PeakView at Dabling sees occupancy skyrocket
Northstar Commercial Partners recently invested in a 152,023-square-foot building in Colorado Springs, where occupancy rocketed from 28.57 percent at contract negotiation to 73.03 percent at closing.
Northstar, which specializes in acquiring opportunistic commercial real estate assets throughout the United States, bought a controlling interest in Dabling Properties LLC, which owns the facility, PeakView at Dabling, at 5825 Mark Dabling Blvd.
“We’re extremely excited …
Madden rolls out new high-design tower
Developer John Madden is ready to roll out his new masterpiece – a $100 million office tower in Greenwood Village.
Madden aims to start construction of the 360,000-square-foot LEED Gold building by August for occupancy in summer 2015. Like his last office building, Palazzo Verdi, Palazzo Verdi II will be something to behold, with sculptures of three life-size giraffes welcoming tenants and guests to its lobby.
Read the entire story in the May 1-14 issue.
Group pays $160.67 per sf for Cherry Creek office building
A local investment group, in its second recent acquisition, paid $160.67 per square foot for a Cherry Creek office building.
PIII Properties acquired the 26,930-square-foot building at 3400 E. Bayaud St. in Denver for $4.3 million. The building was 100 percent occupied.
Derek Vanderryst of Miller Frishman Group represented the buyer. The listing brokers were David Tilton and John Torp of Newmark Grubb Knight Frank.
“We achieved a pretty high price per square foot,&rdquo…
Rosemont Realty buys World Trade Center
Rosemont Realty LLC, a commercial real estate investment company with approximately 18 million square feet of commercial office space valued in excess of $1.8 billion, has acquired the two-building Denver World Trade Center office towers in downtown Denver.
Rosemont Realty purchased the Class A, 770,221 square foot office complex from I&G Denver WTC, LLC. The sales price was not disclosed.
The complex includes two Class A, LEED Gold-certified towers. Tower I is a 28-stor…
Westmoor buildings trade at $65.49 million
Investors are looking favorably on suburban office, as evidenced by a $65.49 million sale of an asset on the Denver-Boulder corridor.
Public records show Investcorp bought Westmoor Place, a 428,029-square-foot Class A office property, from CBRE Global Investors for $153.03 per sf.
The three LEED-certified buildings were 89 percent leased to tenants that include LGS Innovations, an Alcatel-Lucent subsidiary, and McKesson Technologies. The two tenants occupy approximately 270,000 …
Tenants take 66,025 sf at 1801 California
Brookfield Office Properties has leased 66,025 square feet of office space at 1801 California to two tenants.
Halcón Resources Corp., an independent energy company, signed an 11-year lease for 43,829 square feet. Charlie Lodge, Alec Wynne, Rob Neblett and Harry Holmes of Avison Young represented the tenant.
Newalta, a Canada-based industrial waste management and product recovery company, also signed an 11-year lease. It will occupy 22,196 sf. Colliers International broker…
Transformed printing plant to be multistate draw
Ascendant Development plans a next-generation design center at the former Denver Post printing facility at Interstates 25 and 70. Ascendant expects the multifaceted center to be a destination for Colorado and surrounding states. Read more about it in CREJ's April 17 issue.
Pauls Corp. to break ground in Cherry Creek
The Pauls Corp., in a joint venture with FirstBank and Junction Energy Partners, will break ground this fall on an upscale office building in Cherry Creek, one of the first new office buildings in that submarket in 25 years. The 150,000-square-foot building at the northeast corner of First Avenue and St. Paul Street is 40 percent preleased. Read about it in CREJ's April 17 issue.
Kresher Capital adds historic building to portfolio
Kresher Capital has acquired a historic office building in the Prospect neighborhood as it continues to build its Colorado property portfolio.
Kresher paid $4.4 million, or $152.22 per square foot, for the three-story building at 3012 Huron St. The 28,926-sf building dates to 1917 and is fully leased to digital signage company Four Winds Interactive.
“We really feel good about the building. It’s a beautiful historic building,” said Kresher Director Patrick Dunn…
Developer assembles Boulder redevelopment sites
A Denver-based company has been busy assembling redevelopment sites in Boulder, including five acres sandwiched between Whole Foods Market, the transit village and the Twenty Ninth Street shopping and entertainment center.
Brickstone Partners, which has been active in the Boulder student housing/apartment market, plans to begin the entitlement process for the property within the next 90 days. It is exploring 400,000 to 500,000 square feet of development, including office or hospi…
Spectralink gets back to its Boulder roots
Spectralink is on its way back to Boulder.
The company subleased approximately 35,000 square feet of office space from Tendril Networks at 2650 55th St. It is targeting an April 5 move.
“We wanted to get back to our roots,” said Michelle Chessler, director of marketing. “Not only did we want to get back to our roots and our heritage, but we also felt that the Boulder lifestyle and community suited this company well.”
Read the entire story in the April 3-…
Hancock addresses BOMA
Denver Mayor Michael B. Hancock addressed issues ranging from taxes to toilets to a downtown Target during a recent meeting with about 30 commercial real estate leaders.
Hancock spoke and answered questions at an invitation-only event in March arranged by the Denver Metro Building Owners and Managers Association, or BOMA.
In addition to local BOMA members, the meeting in the Embassy Suites – Downtown Denver Convention Center Hotel, included Joseph W. Markling, a managing d…
Office vacancy rate drops, industrial in demand
Denver’s office vacancy rate dropped 60 basis points in the first quarter of the year, and there was healthy demand for warehouse/distribution space, according to CBRE Group.
Office vacancies declined or held steady in most U.S. markets, according to preliminary data from CBRE, while six of the 12 largest markets, led by Denver and San Francisco, showed decreases. Denver’s office vacancy rate was 14.5 percent, compared with 15.1 percent at the end of the fourth …
McGraw-Hill leases last two floors at 1800 Larimer
McGraw-Hill has leased the last two floors of office space at 1800 Larimer, a 495,518-square-foot LEED Platinum building in Lower Downtown Denver.
The deal will allow the company to consolidate offices in Westminster and Evergreen into a single location. The Westminster office, located in Ten West at Westmoor Technology Park, houses about 50 Platts employees and 15 J.D. Power & Associates staff. The Evergreen office is the home of BENTEK Energy, which Platts acquired in 2011.…
REIT buys Greeley MOBs for $15.03 million
A Greeley medical office portfolio that traded for $15.03 million was among $47 million in acquisitions announced by American Healthcare Investors and Griffin Capital Corp., co-sponsors of Griffin-American Healthcare REIT II Inc.
The Northern Colorado portfolio consists of three buildings across the street from the 378-bed North Colorado Medical Center. They were 93 percent occupied, almost entirely by University of Colorado Health. UCH’s lease expires in 2020.
The buildin…
Hines, Cushman highlight CU real estate conference
Commercial real estate icons Gerald Hines and John Cushman treated students and commercial real estate professionals to candid talk about their careers at CU’s annual real estate conference in downtown Denver Thursday. Hines, whose iconic buildings grace the world’s skylines, spoke about how quests for innovation and great architecture have guided his career, which began with a 5,000-square-foot building he built for a neighbor. Cushman, who in 1978 founded Cushman Rea…
Center City Plaza sells for $5.05m
Center City Plaza, a sought-after office/medical office building in Colorado Springs’ central business district, recently sold for $5.05 million.
Center City Holdings LLC, represented by Kevin O’Neil of The O’Neil Group Co., who also was a principal in the transaction, purchased the 37,000-square-foot building at 455 E. Pikes Peak Ave.
“Center City Plaza is the nicest building in the CBD under 50,000 square feet,” said Ted Link of Cascade Commercial…
CBRE gets listing on former ConocoPhillips site
CBRE has been awarded the listing on 432 acres in Louisville where ConocoPhillips once planned a global technology campus. The team consists of Martin Roth and Eric Roth, first vice presidents with the Denver Land Services Group; Frank Kelley, a senior vice president specializing in the Northwest Denver office and industrial submarkets; and Sanford Criner, executive vice president of Global Corporate Services. Formerly Sun Microsystems’ technology campus, the property sold t…
RJM Construction starts Mercury Payment office renovations
RJM Construction has started a 65,000-square-foot office renovation for Mercury Payment Systems.
Mercury is expanding its existing space in the Metropoint II office building at 4610 S. Ulster St. in the Denver Tech Center.
RJM Construction is renovating space on the three floors to accommodate Mercury’s growing payment and call center services, including an expanded data center with 24/7 UPS service and an emergency backup generator. The sixth floor renovations will be com…
NAIOP Colorado honors top CRE professionals
NAIOP Colorado presented its version of the Oscars today, honoring Denver’s top commercial real estate professionals at its Academy of Excellence Awards program. Awards included:
Broker Outstanding Achievement: Mike Winn & Tim Richey, Cushman & Wakefield of Colorado
Industrial Broker of the Year: T.J. Smith, Colliers International
Investment Broker of the Year: Brad Lyons, CBRE
Land Broker of the Year: Er…
HFF arranges $74 million in financing
HFF announced on Monday that it has arranged a $74 million loan for the refinancing of 1400 Wewatta and 1401 Wynkoop, two Class A contiguous office buildings totaling approximately 300,000 square feet in downtown Denver.
HFF worked on behalf of the borrower, Wewatta and Wynkoop PT LLC, a GE Asset Management and Crestone Partners managed entity, to secure a permanent loan through a national life insurance company correspondent lender.
The two buldings are on nearly two acr…
Sullivan, Jugl leave JLL for HFF
A leading capital markets team led by Mary Sullivan and John Jugl have left Jones Lang LaSalle to join HFF to focus on capital markets transactions in the office, industrial and retail sectors. Sullivan joins HFF as a senior managing director with more than 30 years of industry experience. She has been involved in the sale of nearly 40 million square feet valued at more than $7.5 billion throughout the United States and has held positions at CBRE, Cushman & Wakefield and Tramm…
Tw telecom leases 161,218 square feet at ParkRidge
Tw telecom has signed a lease for ParkRidge Six, a 161,218-square-foot building in Lone Tree. The move will bring the company’s national operations center, along with some customer care functions and general office support, closer to tw telecom’s corporate headquarters in ParkRidge Corporate Center. Inverness Properties brokers Peter Coakley and Rick Egitto represented the landlord. Jones Lang LaSalle brokers Mike Rooks and Robb Johnson represented tw telecom, and Kevi…
Data centers, collaborative offices emerging
Technology advances are driving huge growth in data center industry, and Colorado is well-positioned to capitalize on that growth, CBRE Director of Enterprise Management Kate Waggoner told NAIOP Colorado members at the organization’s annual economic forecast this morning. “Every company has a data center need, and storage demand is doubling every 18 months,” said Waggoner, adding Colorado is well-positioned because of its climate and affordable power. Discussing …
Evergreen's Elk Bridge Center sells
An Evergreen-based investor acquired a local mixed-use property steeped in synergy.
Evergreen Investors LLC paid $2.95 million for Elk Bridge Center, a two-story, 20,633-square-foot office and retail property.
“It will be a nice investment for the group,” John Becker of Fuller Western Real Estate said of the buyer, noting its local sponsorship recognized the quality of the asset, which was built in 1999.
“Elk Bridge has a good tenant mix with a good synergy fo…
Denver investment market in Top 10
The Denver commercial real estate market is among the top 10 investment markets in the country, due largely to a strong local economy aided by a diverse employment base and good quality of life, PwC Denver-based real estate expert Wendy McCray said in response to the fourth-quarter PwC Real Estate Investor Survey. The survey is an outlook on commercial real estate based on hundreds of interviews and survey responses from real estate market participants. Total transaction volume in…
ADT signs 121,954-sf lease
Security giant ADT has signed a 121,954-square-foot lease for space at Cherry Creek Place II in one of the largest office lease transactions to be completed in the Denver metro area this year. “We’re very excited about the opportunity that it brings to Aurora as well as the value creation in our building,” said R. Brian Watson of Northstar Commercial Partners, which owns the property. “It’s going to bring 850 jobs to the building, which is a big econo…
High-profile Presidio bldg. sells in value-add play
The Presidio office building, a Class A office building in northern Colorado Springs, traded for $7.28 million, or around $90 per square foot, to a California real estate investment trust.
Netreit Inc. out of Escondido, Calif., purchased the Presidio office building at 1155 Kelly Johnson Blvd., off Interstate 25, as part of a value-add play.
“The building is one of the most well known and recognizable buildings in suburban Colorado Springs,” said Cushman & Wakefi…
Fiscal cliff a 'primary concern' for commercial real estate
Cassidy Turley today released research examining the impending “fiscal cliff’s” impact on commercial real estate markets across the country. The report summarizes the various scenarios related to fiscal policy and then draws the link to commercial real estate. “The fiscal cliff is our primary concern regarding the continuation of Denver’s current positive growth,” according to Greg Morris, president and CEO of Cassidy Turley Colorado. “Goi…
Nichols to develop downtown Boulder project
A development team managed by The Nichols Partnership will develop the former Daily Camera site in downtown Boulder. The 60,000-square-foot site will house an $80 million mixed-use project with large floor-plate office space, retail and specialty uses, including an art house theater. Ten Eleven Pearl LLC bought the property from Karlin Real Estate for $13.5 million in a deal handled by Lynda Gibbons of Boulder-based Gibbons-White. For more details, see the Jan. 2 issue of the Colo…
Charles Schwab zeros in on site for possible campus
Charles Schwab could announce plans for a new corporate campus in Denver in the very near future. “At this point, we’re pretty far along in negotiations for a particular site, but nothing has been finalized yet,” said Sarah Bulgatz, Charles Schwab director of corporate public relations. The company expects to make a decision by the end of the quarter, she said. “The new campus we’re considering would give us greater control of our real estate footprin…
Eldorado Ridge trades at $42.4 million
Eldorado Ridge, a Class A office park on the Denver-Boulder corridor, traded for $42.4 million, or $130.76 per square foot, according to public records. Lowe Enterprises teamed up with Starwood Capital Group to buy the 324,269-sf Broomfield property, according to Lowe’s website. Situated on a ridge that overlooks Interlocken Advanced Technology Environment, Eldorado Ridge consists of three buildings at 11001, 11101 and 10901 W. 120th Ave. CBRE brokers Geoff Baukol and Tim Sw…
Investors want to be in Denver, says Sullivan
Denver is for the first time among a handful of metro areas that is leading the country toward recovery, and institutional investors want in on the action, according to Jones Lang LaSalle investment broker Mary Sullivan. “Institutional investors coast to coast have Denver marked and circled as one of the top five metros in the country … We are viewed from the institutional capital from coast to coast as a first-tier city,” Sullivan said at the recent Rocky Mount…
DaVita, others honored at DU, DMCAR conference
The $110 million DaVita world headquarters building in downtown Denver on Thursday was named both the “Overall Project of the Year” as well as the “Office Property of the Year” at one of the largest and most prestigious gatherings of commercial real estate officials in Denver.The DaVita project in the Central Platte Valley at 2000 16th St. was lauded at the 18th annual Rocky Mountain Commercial Real Estate Expo and Fall Forecast sponsored by the University …
Market is back, declares Holsapple
“You heard it here first: The market is back” was Dr. Eric Holsapple’s concluding remark based on information presented at the 16th annual Northern Colorado Real Estate Conference today in Fort Collins. Holsapple is executive director of Colorado State University’s Everitt Real Estate Center, which hosted the event with the Northern Colorado Commercial Association of Realtors. Job growth is “very healthy” in Northern Colorado and in Denver, hous…
ULI conference draws 6,000 to Denver
More than 6,000 developers, real estate investors, architects, planners, attorneys and others from the U.S. and around the world are attending the Urban Land Institute’s 75th anniversary convention in Denver.
The event, whose theme is “What’s Next” ends Friday and focuses on larger issues of economic and political consequences, including global finance, innovation and, of course, potential impacts of the Presidential election in November.
ULI, at the conf…
Owners ready to reposition data center at I-25 and 120th
The owners of a former data center at Interstate 25 and 120th Avenue in Thornton are ready to take the building in a new direction. Comprising 232,883 square feet, the seven-story building at 12121 Grant St. is one of the few large blocks of office space in North Denver and one of the only contiguous space options in Denver of 200,000 sf or more. “This building, with its location, could be a very attractive option for a Class A, credit office tenant for a headquart…
Experts say spec development coming. What do you think?
Experts who spoke at CREJ's Office & Industrial Summit last week said developers are gearing up for speculative office and industrial development. "I think you will see speculative office construction throughout the metro area at a much quicker clip than might be expected," said Doug Wulf of Cassidy Turley Fuller Real Estate. "I would be surprised if somebody doesn't start building by the end of 2013 in the airport (industrial) submarket," said CBRE industrial broker Jim Bolt.…
Chotin, i2 start full-scale renovation
Chotin Properties LLC has started a full-scale renovation of its Denver Tech Center building.
Work at the building at 5675 DTC Blvd. in Greenwood Village includes all new mechanical, electrical and plumbing systems consistent with Class A properties.
The general contractor for the project is i2 Construction LLC while Burkett Design Inc. is responsible for core-and-shell building redevelopment and architectural design. Catalyst Planning group has been engaged to act as the owner&…
Rebound yet to take root in Springs office market
The forecasted rebound in Colorado Springs’ office market has yet to materialize and has diluted some of the “bold enthusiasm” experienced in the first quarter, according to Cushman & Wakefield|Colorado Springs Commercial’s report on the city’s office sector.“The velocity of investor and tenant interest in Colorado Springs to start the year initially led us to believe that 2012 was going to be the tipping-point year to quickly rebound this m…
Mixed-use tower to replace LoDo Office Depot
A 10-story mixed-use development called 16M will be built in place of the Office Depot at 1350 16th Street in Lower Downtown Denver. The building will offer 130,000 square feet of Class AA office space, 15,000 sf of street-level retail and restaurant amenities, and residential units on the upper floors. The developers, Integrated Properties Inc., Elevation Group and Sage Hospitaity, plan to complete the project by early 2014. Jamie Gard and Nathan Johnson of Newmark Knight Frank F…
Boulder firm buys Tenth & Pearl for $16.1 million
A Boulder private equity firm acquired Tenth & Pearl, a distinct office/retail property on the Pearl Street Mall, for $16.1 million, or $383.33 per square foot. Conscience Bay Co. bought the Class A asset from a California partnership in an off-market deal. The property is 96 percent leased to tenants including SendGrid, which occupies approximately 7,500 sf; Porzak Browning & Bushong, which leases about 7,000 sf; and Bacaro Venetian Tavern, an approximately 5,000-sf …
AEW pays $405 per sf for 1660 Wynkoop
One of the world’s largest investment advisers paid $26.6 million for a Class A office building across the street from Denver Union Station. AEW Capital Management bought 1660 Wynkoop from Legacy Partners for $405 per square foot, one of the highest prices paid for an office asset in Denver. An 11-story, 65,716-sf building, 1660 Wynkoop has 292 structured parking spaces – a rare amenity in Lower Downtown Denver. Cushman & Wakefield of Colorado brokers Mik…
Antero Resources to anchor One Union Station
Antero Resources has signed a lease for 67,000 square feet of office space at One Union Station, launching construction of the building at the south end of Denver’s historic Union Station. East West Partners and Starwood Capital Group will break ground on the five-story, 110,000-square-foot building in September. The building, which will include ground-floor retail space, is being built for LEED Gold certification.
REIT buys Sprint Nextel building in Inverness
Newton, Mass.-based Select Income REIT bought the Sprint Nextel building in Inverness Business Park for $18.9 million, according to public records.
Square Six Partnership LLP sold the approximately 140,200-square-foot building at 333 Inverness Drive S. in Englewood. Jones Lang LaSalle investment brokers Mary Sullivan and John Jugl handled the transaction.
Sprint Nextel has operated a call center in the building for several years.
See the July 4-17 issue of CREJ for more details…
Re/Max building achieves LEED Gold rating
Re/Max's 14-story Denver headquarters building recently achieved the LEED Gold certification for existing buildings. The office building is one of 62 Colorado facilities certified under the Existing Building rating system and 322 total LEED projects in the state. Read more in an upcoming issue of the Colorado Real Estate Journal.
Office building becomes broadcasting facility
A Denver office building that was redeveloped by its owner is being turned into a state-of-the-art radio and television broadcasting, and media entertainment facility. See details in the July 4 issue of the Colorado Real Estate Journal.
Investors buying Class B office buildings
Local investors have acquired several Class B office buildings in Denver recently with plans to add value through capital improvements.
The most recent deals ranged in price from $1.8 million to $6.85 million and included buildings that were anywhere from 58 percent to 95 percent leased.
CBRE broker Riki Hashimoto, who handled one of the deals with partner Dan Grooters, said he’s surprised at the level of activity.
You can read about three of the latest deals in the Great…
Westfield buys Mountain View Corporate Center
Westfield Company Inc. acquired Mountain View Corporate Center from an investment fund controlled by Hines for $92 million.
The four-building Class A office park on the U.S. Highway 36 corridor consists of 461,438 square feet. Tenants include WhiteWave Foods Co., TransFirst and Time Warner Cable.
Dave Tilton of Newmark Knight Frank Frederick Ross Co. represented the seller.
See the current issue of CREJ for more details.
Trimble breaks ground on Westminster campus
JE Dunn was named general contractor for Trimble’s Westminster project.
Trimble recently held a ceremonial groundbreaking for construction of the 125,000-square-foot, four-story campus.
The building represents the firm’s, which specializes in applying technology to make field and mobile workers in businesses and government more productive, new Rockies campus. See the June 6 issue of CREJ for more details.
Cassidy Turley Fuller closes flurry of deals in April
Cassidy Turley Fuller Real Estate had a busy April, closing a flurry of sales and lease transactions, including some blockbusters.
Many of the deals, including the 555,000-square-foot United Natural Foods Inc. build-to-suit handled by CTF brokers Alec Rhodes and Tyler Smith, were in the works for months. But there was a noticeable overall pickup in both industrial and office leasing activity that Cassidy Turley Fuller President and CEO Greg Morris says is continuing into the seco…