Colorado Real Estate Journal - July 16, 2014

Ardent Mills leases 50,000 sf for Denver headquarters

by Jill Jamieson-Nichols

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Ardent Mills sifted through locations for its corporate headquarters and landed in approximately 53,850 square feet at 1875 Lawrence St.

The nation’s largest flour producer will have 200 employees in the downtown Denver office building. One floor will be dedicated to its Research, Quality and Technical Culinary Center and bake laboratory.

“This will be our new home and will allow us to combine all of our headquarters functions in one building,” Bill Stoufer, Ardent Mills chief operating officer and chief integration officer, said in a press release. Buildout will occur over the next few months.

Ardent Mills signed a 10-year lease for the second floor and the top three floors of the 15-story office building, which DPC Development Co. and Bridge Investment Group Partners recently bought for $46.7 million.

“We are extremely excited and proud to be partnering with such a significant tenant with their headquarters in Denver. It really validates the vibrant neighborhood,” said DPC President Chris King.

“We view Ardent Mills as an important asset to Denver and to Colorado and look forward to (its) growth.” CBRE brokers Joe Serieno and Chris Phenicie, along with DPC’s Justin Lutgen and Kirsten Whitworth, represented the landlord in the transaction. John Marold and Mitch Bradley, also of CBRE, represented the tenant.

The 192,241-sf building was half-vacant when DPC acquired it, but the previous owner had repositioned as a Class A asset.

The building is within four to five blocks of Denver Union Station and Coors Field and has Free MetroRide stops on the 17th and 18th street sides.

Ardent Mills is a joint venture of ConAgra Mills and Horizon Milling.

Other News

The BBB of Denver/Boulder and BBB Foundation have launched a search for 10,000 to 12,000 square feet of office space in the Denver area. JLL is heading the search and has the BBBs existing, 7,500- sf facility at 1020 Cherokee St.

listed for sale at $1.75 million, according to JLL’s Mike Deatly. The BBBs likely will lease space. “The BBB organizations have outgrown their current site and are seeking a new environment that encompasses a creative and synergistic professional workspace,” Deatly said.

“The selection of a real estate partner to help us find new space and support the sale of our building is one of the most significant in our recent history, so we followed a rigorous process,” said Su Hawk, president and CEO of the BBB of Denver/Boulder and executive director of the BBB Foundation. “We selected JLL because of their extensive experience, focus on mission-based organization, knowledge in the marketplace and culture of ethics. We also believe that working with one company will provide us with a seamless process to find new space while also selling our building to the best owner.” Modworks, Denver’s newest co-working space, has opened an approximately 10,000-sf facility on the 16th Street Mall in downtown Denver.

The facility at 110 16th, Suite 1300, will cater to individuals and small companies looking for professional workspace where they can be connected and productive, said John Borst, Modworks co-founder.

“Modworks really represents an evolution in the concept of shared workspace. Our model bridges the gap between traditional executive suites and hipster co-working warehouse. We have a decidedly modern aesthetic for creative and innovative professionals seeking the highest quality, sustainable workspace,” he said.

Located on the 13th floor of the Petroleum Building, the space is open and light with views of the Capitol, downtown and mountains. It is modular so that it can accommodate small and growing companies or groups of individuals.

Modworks is membershipbased with memberships starting at $195 per month for a hot desk and up to $1,200 per month for a private office. All furnishings, access to conference and training rooms, lounge areas and private telephone rooms are included, and copying, printing, energy snacks and drinks are provided at no cost.