JONES LANG LASALLE | O F F I C E H I G H L I G H T S

Denver

Michael Crane +1 303 260 6533

Leasing Activity

Transactions completed in the last 90 days include:

  • Cigna acquired the healthcare division of Great West Life and will lease 13 floors at their headquarters, 8515 E. Orchard Road in the SES, for a total of 286,000 s.f.

  • Dex Media leased the entire One Lincoln Station building, 9380 Station Street, in the SES for a total of 143,315 s.f.  The company is relocating from 198 Inverness.  One Lincoln Station is set to deliver in 2008.

  • McKesson leased 120,000 s.f. at Westmoor 10 in the Northwest market.

  • Comcast renewed approximately 95,000 s.f. at Plaza Quebec I, 6025 S Quebec Street in the SES.

  • Cochlear expanded and leased 83,000 s.f. at Buildings 1 and 2 at Creekside in the SES submarket.

  • Collect America subleased 60,124 s.f. at 4340 S Monaco Street from MDC Holdings in the SES.

  • Harris Group leased 57,000 s.f. at 9800 S Meridian in the SES.

  • Pro-Build leased 55,500 s.f. at 7595 Technology Way in the SES.

  • EON expanded into two floors at Dominion Plaza for a total of 50,000 s.f. in the CBD.

  • Dot Hill Systems leased 44,331 s.f. at 1351 South Sunset in Longmont, in the Northwest market.

  • Motorola leased 33,000 s.f. at 7237 Church Ranch Blvd in the Northwest.

  • Western Digital leased 25,000 s.f. at the former Xylinx building in the Northwest market.

  • Crocs leased 19,000 s.f. at 7477 E Dry Creek Parkway in Longmont, in the Northwest market.

Several large transactions are in play:

  • Xcel Energy is looking at 1800 Larimer, 1900 16th Street, and Continuum’s independent development of Block 19 in the Platte Valley as three possibilities for their 350,000 - 400,000 s.f. requirement in the CBD.  They are currently located at Seventeenth Street Plaza.

  • Whiting Petroleum Corporation has a 150,000 s.f. requirement in the CBD.  Their current headquarters are located at 1700 Broadway.

  • Agilent Technologies has a 100,000 s.f. requirement in the SES.

  • Cricket Communications is in the market for 100,000 s.f. in the SES.

  • Bureau of Prisons has a 77,000 s.f. requirement in the Southeast market.

  • Quiznos may vacate 75,000 s.f. on the top four floors at Lawrence Court and move to 90,000 s.f. on the lower floors of 1001 17th Street.

  • ST Microelectronics has a 60,000 s.f. requirement in the Northwest.

  • Forerunner has a 50,000 s.f. requirement in the Southwest market.

  • VMware has a 50,000 s.f. requirement in the Northwest submarket.

  • Holland and Hart are out in the SES submarket for 35,000 s.f.  Their current SES location is the Crescent VI building at 8390 E. Crescent Parkway.

  • McKenna Long & Aldridge is under LOI for 23,000 s.f. at the Opus Development 1400 Wewatta in the CBD. 

  • Shugart Thompson Kilroy has a 20,000 s.f. requirement in the CBD.

Sales Activity

Building sales of note this quarter include: 

  • CBRE Investors/Alaska Permanent Fund purchased Independence Plaza (567,287 s.f., Class A, CBD) from American Realty Advisors/AmStar Group for $145 million ($255/s.f.).

  • Grant Management AS purchased two properties from Colorado & Santa Fe Real Estate:

    • 633 17th Street (552,988 s.f., Class A, CBD) for $114 million ($206/s.f.)

    • 621 17th Street (425,104 s.f., Class B, CBD) for $40 million ($94/s.f.)

  • Stanford Place III (365,487 s.f., Class A), located at 4582 S. Ulster Street in the SES, is under contract by Legacy Partners.

  • Hines REIT/CalPERS purchased the Guaranty Bank Building (218,906 s.f., Class B, CBD) from Westfield Capital Partners for $70 million ($320/s.f.).

  • Legacy Partners purchased Prentice Point (202,500 s.f., Class A, SES) from TIAA-CREF for an undisclosed amount.

  • Westside Investment Partners purchased the Paragon Building (170,554 s.f., Class B, SES) from Prudential for an undisclosed amount.

  • Steve Geyer purchased Union Plaza (101,552 s.f., Class B, West) from Dunn & Associates for $17 million ($171/s.f.).

Pending Sales include:

  • Denver Financial Center Tower I & II (435,672 s.f., Tower I – Class A, Tower II – Class B), located at 1775 Sherman Street & 1776 Lincoln Street in the CBD, is under contract by an undisclosed buyer.

Construction Activity

Development News includes: 

  • 1001 17th Street (655,576 s.f., Class A) is undergoing a renovation that started in January and is expected to be ready for occupancy later this year.  The CBD building was vacated by Qwest Communications after it sold to Miller Global Properties in late 2006.  The redevelopment will include 22,000 s.f. of new retail space on 17th Street.

  • Kennedy Associates continues construction on Phase I of 1900 16th Street, a 17-story, Class A, CBD building totaling 376,000 s.f. and scheduled to deliver in the third quarter of 2009.

  • Opus Northwest continues construction on 1400 Wewatta and 1401 Wynkoop, two Class A, CBD buildings totaling 317,862 s.f. and scheduled to deliver late 2008.

  • Palazzo Verdi, the 305,250 s.f., Class A building under construction in the SES, is now one-third leased.

  • Hines is developing 1515 Wynkoop, a 285,217 s.f., Class A building in the CBD that is expected to deliver in October, 2008.

  • Bradbury & Westfield continue construction on One Lincoln Station, 9380 Station Street, a six-story, Class A, SES building totaling 143,315 s.f. and scheduled to deliver in the second quarter of 2008.  Dex Media has the leased the entire building.

  • First Century Development continues construction on 1755 Blake Street, a five-story, Class A, CBD building totaling 113,000 s.f. and scheduled to deliver in the fourth quarter of 2008.

  • Wiens Capital Management continues construction on Phase I of Arista, 8001 Arista Place, a six-story, Class A, Northwest building totaling 111,000 s.f. and scheduled to deliver in the second quarter of 2008.

  • Opus Northwest continues construction on Parkside Office Plaza, 349 Inverness Drive South, a three-story, Class A, SES building totaling 98,445 s.f. and scheduled to deliver in the third quarter of 2008.

  • Shea Properties continues construction on Maroon V, a four-story, Class A, SES building totaling 84,000 s.f. and scheduled to deliver in the third quarter of 2008.

  • Urban Villages continues construction on Sugar 3, 1555 Blake Street, a mixed-use development, Class A, CBD building with 68,000 s.f. of office.  Delivery is scheduled for the second quarter of 2008.

  • There is over 3 million s.f. of office space proposed in the CBD and over 1 million s.f. proposed in the SES.  Another 830,000 s.f. is proposed for the Northwest submarket.

Printable Version of this market | Printable Version of all markets

| Atlanta | Boston | Chicago - CBD | Chicago-Suburban | Cleveland | Dallas | Denver | Detroit |
| Ft. Lauderdale | Hartford | Houston | Los Angeles | Miami | Minneapolis | New York |
| Northern New Jersey | Northern Virginia | Orange County | Orlando | Philadelphia | Sacramento |
| San Francisco | San Francisco Peninsula | Seattle | Silicon Valley | Suburban Maryland |
| St. Louis | Tampa | West Palm Beach - Boca Raton | Washington, D.C. |
| National Retail Highlights |
Jones Lang Lasalle

www.joneslanglasalle.com
(c) 2007 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle IP, Inc.