May 4-May 17, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 15
office space the Sky Box and
will ask somewhere in the
low- to mid-$30s per sf gross.
Building signage will be avail-
able. “That building is pretty
prominent. You can see it well
down the highway,” said Ogil-
vie, who likes the location mid-
way between downtown and
the Denver Tech Center.
John Marold, Sergio Castane-
da and Laura Cain of CBRE Inc.
are the leasing brokers.
Asking rates for existing office
space at Tower Colorado are
$23 to $25 per sf gross.
Another big change for Tower
Colorado will involve extend-
ing the lobby, which is covered
by an overhang, out toward
the street to create a light-filled
“glass box” that will improve
the building’s presence. Ogil-
vie Properties hopes to attrac-
tive a coffee company to the
space. Also, aluminum clad-
ding between the building’s
windows will be replaced with
more modern exterior treat-
ment.
Ogilvie Properties expects to
spend between $2.5 million and
$3 million on improvements.
Tower Colorado is home to
54 tenants and was 89 percent
leased at the time of the sale.
“This building caters to small
to medium-size users that need
to be in a central Denver loca-
tion with access to Interstate
25 at Colorado Boulevard. You
have a tremendous amenity
base up and down Colorado
Boulevard and it’s within two
miles of Cherry Creek,” said
Patrick Devereaux of JLL, who
represented the seller, an affili-
ate of Felton Properties, with
Jason Schmidt. Both are JLL
executive vice presidents.
“We had great interest just
because of that central Denver
location and all the buildings
along that Colorado Boule-
vard location benefitting from
the explosive growth that’s
occurring in Cherry Creek,”
Devereaux said.
Office lease rates generally are
more affordable along Colorado
Boulevard than downtown or in
Cherry Creek, and Devereaux
said a high percentage of ten-
ants at Tower Colorado have
been there for many years.
“The sticky nature of the ten-
ants in that building is unbe-
lievable,” he said. “It’s con-
venient access to all the retail
amenities that are up and down
Colorado Boulevard. Once ten-
ants get into that location, they
tend not to leave.”
Tower Colorado was built in
1976 and renovated in 1998 and
2014. The new improvements
will be completed over the next
year.
Ogilvie Properties also is com-
pleting renovation of the former
Key Bank building at 3300 First
Ave. in Cherry Creek, which
includes 64,000 sf of office space
and 36,000 sf of retail.
s
ible, state-of-the-art space in
an infill loca-
tion that can
a c c o mm o -
date a num-
ber of uses.
“The near-
by
public
t r anspor t a -
tion,
cur-
rent building
parking ratio
( 5 . 5 : 1 , 0 0 0 )
and the excellent business
climate created by the city of
Thornton add to the attractive-
ness of this property,” he said.
Major tenants include Zenith
Education Group Inc., a call
center that occupies 82,622 sf;
SunGard Availability Service,
an 85,064-sf data center; and
Regis University. Regis occu-
pies 28,371 sf and is moving
its counseling school, the Cen-
ter for Counseling and Family
Therapy, to the building from
Broomfield, bringing its overall
footprint to 37,388 sf.
The building offers up to
100,000 sf of contiguous space,
15- to 25-foot ceilings, redun-
dant fiber with two providers,
and floor loads of more than
100 pounds per sf. Located in
an enterprise zone, it offers
both plug-and-play and unfin-
ished space as well as loading
capability. It’s also close to a
strong labor force and suitable
for a variety of user types – at
asking rates of $12 to $16 per sf
modified gross.
With tight vacancies in Den-
ver and Boulder, Law said
there isn’t much competing
space of the same quality at
such competitive lease rates.
The building that’s become
North Valley Tech Center was
the Denver metro area’s first
mall. It was redeveloped as
flex/call center space in the
late 1990s.
s
Tower
North Valley
Frank Kelley
