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Page 20 — Office Properties Quarterly — September 2019 www.crej.com Project Profile Delivering Charter's vision for Spectrum Plaza D espite an incredibly tight turnaround, Charter Com- munications was complet- ed 20% faster than a typi- cal building of its size. This ground-up, 600,000-square-foot, 12-story office tower and park- ing structure totaled $108 million, which included a core/shell con- tracted through Shea Properties and tenant finish completed for Charter Communications directly. The incredibly fast-tracked schedule meant that this job site’s activity never leveled off. From the time the team broke ground to the time it turned over the building, speed and quality remained the focus. General contractor Adolfson & Peterson Construction under- stood when awarded this project that missing the deadline was not an option. The owner had made a commitment to the tenant and it needed to be honored. “Charter’s vision for Spectrum Plaza would not have come to frui- tion without the amazing team of individuals from AP that we worked with,” said Leslie Mulcahy, director, project management-real estate, Charter Communications. Charter Communications is now the largest employer in Greenwood Village. Despite complications of the true zero lot line, proximity to a nearby light rail, bus station and major interstate, the team met its goal and handed over the state-of-the- art workplace on time. “From the very beginning, we had to consider an overall strategy to get us to the finish line on time,” said Ryan Anderson, AP’s senior project man- ager. “It came down to phasing, early sub involvement, extensive coordination and communication. These things may sound simple, but each one had to be done with perfection to make it happen.” In the end, the project team complet- ed in 22 months what should have taken closer to 26. Early on AP was able to show the owner and architect that the schedule could not be accom- plished without awarding both the core/shell and tenant improve- ments to one general contractor. Although this was not Charter’s original plan, it was able to see the overall schedule benefit of this approach for the project. With the award of the core and shell and tenant improvements to AP, this allowed AP to push the schedule by not having to install temporary systems for core and shell and then replacing those temporary systems for the TI build-out. AP was also able to award many of the same subs, including the MEP subs, the core-and-shell and TI scope. This allowed for the proj- ect phasing and schedule to flow as one project and not having to reacquaint a new set of subs to the building for the TI build-out. With the award of the core and shell and TI for the project, AP knew a phased move-in was the only option for reaching the owner’s occupancy and schedule needs. AP worked closely with the municipalities involved (Green- wood Village and South Metro Fire District) to allow phased occu- pancy, allowing Charter to start moving employees in on com- pleted floors while work continued on other floors until the project was complete. “Phased occupancy is not common practice for the municipalities,” said Anderson. “However, our team leveraged the relationship we built with GWV and SMFD on the CoBank project and invited GWV and SMFD to be part of the construction team again.” AP drafted clear plans of phasing each floor, including egress details and fire code compliance, and pro- vided methods of procedures for extensive fire measure planning to ensure the work could be accom- plished without putting lives at Please see AP, Page 27 The interior architecture was completed by BurkettDesign, one of the two architects involved in creating a building that met Charter Communication’s needs. Inspired by Charter’s brand, “Spectrum,” the interior finishes and architectural geometry speak to the striated nature of the color spectrum. SEPTEMBER 5-18, 2018 Office 6 Retail 10 Multifamily 12 Industrial 16 RebchookRECorner 21 BoulderCounty 22 Larimer&WeldCounties 24 Colorado Springs 25 Colorado 26 Finance 28 Law&Accounting 31 Who'sNews 38 CONTENTS Appetite Demand forsingle-tenant,net- leased retail remainsstrongacross theFrontRange INSIDE Bullish Apartnership“bullish”onDenver’s multifamilymarketbuys theSt. MoritzApartments 16 Payingapremium Auserpays$165persquare foot for an industrialbuilding incore-and- shellcondition ‘Rock solid’ Anoffice towerwithsomeof the strongestcredit tenancy inDenver trades for$238million 8 12 10 FEATURED byJillJamieson-Nichols One of the largestmultiten- ant net-zero-energy develop- ments in thecountrywillbegin togrowearlynextyearasMor- gan Creek Ventures starts the secondand finalphaseofBoul- derCommons. Inadditiontomoreofficeand retailspace, thenextphasewill include a 45,000-square-foot net-zero apartment building with38units. “We’ve been wanting to develop a highly sustainable multifamilyproject for anum- ber of years, and it seems like a really good fit across from the apartments at S’Park. So, both sides of the street will be resi- dential,” said Andy Bush, Morgan Creek Ventures founder and principal. Boulder Commons is a key piece of the Boulder Junction transit-oriented development at Pearl Parkway and Junc- tion Place, catty-corner from Google’sBoulder campus.The first phase,with 100,000 sf of office space and ground-floor retail in two buildings, repre- sents Colorado’s first private net-zero commercial develop- ment. It is 78 percent leased to tenants including Rocky Mountain Institute, Lathrop Gage,CoreLogicandothers. “Giventhesuccesswe’vehad here,we’re very excited to get started early next year on the secondphase,”saidBush,who anticipates similarusers for the new 50,000-sf office building, which will have ground-floor retail. “We like building long-term assets that we can hold … Office seemed to be aproduct thatwasmissing in thispartof the market, and people were very receptive.” Plus, “There areanumberofcompaniesthat are interested in locating close to Google because they have somekindofbusiness relation- ship,”hesaid. Phase2willbe locateddirect- ly north of the existing build- ings,on the formerAirgas site. In order to acquire the prop- erty,MorganCreekdeveloped a build-to-suit for Airgas in Dacono. Boulder Commons’ new buildingswillemploythesame methods of achieving zero net energy consumption as Phase 1,withsomeupdates. “The thing that’s consistent in all of the buildings thatwe dototrytoachievehighperfor- Boulder Commons to add office, apts. by JenniferHayes TheBroeRealEstateGroup made its first commercial property purchase in Colo- rado Springswith its acqui- sition of a 210,652-square- foot, three-building office portfolio. The portfolio, located in the Briargate BusinessCam- pus in no rthern Colorado Springs, i ncludes the Cor- porate Po inte, Tech Center West and Tech Center East buildings. Theportfolio sold for $20.99m illion, according to public r ecords, and at 60 percent of the prior trade in 2007. “ T h e Corporate Pointe and Tech Center acquisitions represent an excellent value-add investment opportu- nitywith an attractive basis in amarketwith strong fun- damentals,” said Broe Real Estate Group CEO Doug Wells. “Colorado Springs is thriving and we hope to grow our presence in the marketover time.Thisprop- Briargate portfolio trades for $20.99M Pleasesee Boulder, Page8 Pleasesee Briargate, Page4 AndyBush The next phase of Boulder Commonswill include a 50,000-square-foot office buildingwith ground- floor retailanda large, two-storydeck,plusa45,000-sfapartmentbuilding. The three-buildingportfolio saw significant leasing activitywithin thepast 90dayswithmore than 76,000 square feetof renewals and new leases. DougWells SUBSCRIBE TODAY! 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