Colorado Real Estate Journal - January 7, 2015
Sheraton DTC acquired for $26.13M
Jill Jamieson-Nichols
Panasonic Enterprise solutions lands on site
Panasonic Enterprise Solutions Co. will create a hub for its rapidly growing business solutions operations, and a new technology center, at the Peña Station light-rail stop next to Denver International Airport.
The expansion, which will take place on a portion of a 400-acre master-planned transit-oriented development site called Peña Boulevard Station, will create an estimated 300 jobs and include the company’s operations base and assembly facility. LC Fulenwider Inc. is developing the property in conjunction with DIA, the city and county of Denver and two other landowners.
It is located along the Regional Transportation District’s East Rail Line at East 61st Avenue and Peña Boulevard.
While it is very early in the process, “The preliminary program which we have been working with them on calls for about 100,000 square feet with room to expand,” said Cal Fulenwider III of LC Fulenwider. “We’ve identified a site for them that will be highly visible from the rail stop at Peña Boulevard.” The building will house offices, product display and light assembly.
“Their commitment to our rail stop is huge,” said Fulenwider, who noted the property is a blank slate that Panasonic Enterprise Solutions will help define.
“They’re going to help really turn this into something special, and the building will reflect that,” he said, adding the plan is to complete the building concurrently with opening of the rail stop in second quarter 2016. The project will require “massive” infrastructure, Fulenwider said.
The goal is to make the area around the Panasonic site a global showcase for state-of-the-art sustainable community development using the same principles Panasonic incorporated in its Fujisawa Sustainable Smart Town near Tokyo, Japan.
Denver Mayor Michael B.
Hancock heralded Panasonic’s plans as a leap forward for Denver’s “Corridor of Opportunity” between downtown and DIA, and the new “Aerotropolis.” “When global, forward-thinking companies like Panasonic choose Colorado as a home base, we know that we are well on our way to being the most innovative state in the country,” added Gov. John Hickenlooper. “With the latest transportation project underway to further connect our renowned airport, and as home to the nation’s most educated and talented workforce, we know Panasonic will find great success here.”
Molson Coors moves to 1801 California
Molson Coors Brewing Co. leased 53,872 square feet of office space at 1801 California St. in downtown Denver.
Cassidy Turley Senior Vice President Ted Harris and Managing Director Travis Young represented the tenant in the lease.
Cushman & Wakefield of Colorado Executive Vice President Nick Pavlakovich and David Sternberg, senior vice president of Brookfield Office Properties, which owns the building, represented the landlord.
“We are pleased to be moving to 1801 California, which will allow us to maintain our headquarters presence in vibrant downtown Denver,” said Sam Walker of Molson Coors. “This new location enables us to bring together our offices and employees under one roof and remain in the heart of Denver’s thriving business community.” Harris said, “1801 California is an ideal setting for Molson Coors, a landmark location for one of Colorado’s iconic companies and one of the world’s leading brewers. The transaction also is a testament to Brookfield’s renovation of the building into a truly Class A asset.” The brewer will move into the space in October.
WorldRemit picks city for headquarters
London-based WorldRemit leased 11,126 square feet at Dominion Towers in downtown Denver for its North American headquarters.
WorldRemit allows customers to transfer money online to people in more than 110 countries and is expanding to include the United States. The office at 600 17th St. will open in January with a staff of 100 and is projected to grow to 218 employees within five years.
“Denver offers the perfect combination of a highly skilled workforce, supportive local authority and idyllic location. The city is already gaining a reputation as a go-to destination for the burgeoning financial tech sector and stealing the thunder of New York and Silicon Valley,” said WorldRemit founder and CEO Ismail Ahmed.
The Colorado Office of Economic Development & International Trade approved incentives for the company totaling up to $3.4 million, including Job Growth Incentive Tax Credits and Colorado First job training grant incentives. The Denver Office of Economic Development also pledged an estimated $110,000 of incentives that include support from the city’s Business Incentive Fund, business personal property tax credits and workforce development support.
JLL represented WorldRemit in its lease transaction