2:00 PM
Newmark Grubb Knight Frank (NGKF), United Properties and Principal Real Estate Investors announce INOVA I at INOVA Dry Creek, a five-story, 212,000-square-foot office building located at 7250 South Havana Street has leased to Comcast Corporation.
Construction began in September on the first speculative building of its type in 15 years - Inova I will be the first completed building at INOVA Dry Creek. The Southeast Suburban submarket’s new 650,000-square-foot mixed-use office, flex and residential campus is located just east of Interstate 25 and East Dry Creek Road in Centennial. NGKF’s Jason Addlesperger, Dave Lee and Mike Wafer, SIOR, represented United Properties and Principal Real Estate Investors in the transaction. JLL’s Todd Roebken, David Welker and Greg Bante, represented Comcast Corporation.
INOVA 1 is expected to be complete in November of this year, and Comcast will take occupancy in the first quarter of 2017. “INOVA I offered the most desirable location, the fastest delivery date, the largest parking ratio available, the largest floorplate offered, and the best cost value for a Class A office building in the Southeast Suburban market,” commented Dave Lee, executive managing director at NGKF. “With so many benefits, INOVA Dry Creek offers many unique selling points that differentiate it from its competition.”
“Achieving a commitment at this stage of development at INOVA I signals we are on the right track with INOVA Dry Creek,” said Kevin Kelley, senior vice president, United Properties. “We are delivering on what the marketplace needs - modern, low-cost, highly efficient floor plates with abundant parking, combined with a convenient location in the Southeast Suburban market.” The first of five planned buildings, INOVA I began as a speculative development and a vision to create an innovative suburban Class A building that offered extraordinary value and amenities.
“INOVA Dry Creek has been unique from the beginning, bringing together visionary teams in the Denver market to create an exclusive, state-of-the-art campus environment offering mixed-use office, flex, residential and hospitality components in a premium environment,” remarked Jason Addlesperger, executive managing director at NGKF, who represents United Properties and Principal Real Estate Investors along with Lee and Wafer. The trio worked with United Properties to master plan the campus and began with a speculative building, confident in INOVA Dry Creek’s appeal to corporate users, high value and distinctive features. The master planned INOVA Dry Creek is the first new speculative project with both multi-tenant office and flex development in Southeast Denver in 15 years.
Phase II, a second speculative Class A office building, measuring 235,800 square feet, will begin soon, with expected delivery in the third quarter of 2017. This represents the team’s third speculative component of this project together. Located at the northeast corner of the campus, the four-story, INOVA II, will offer 57,000-square foot floorplates in a unique L-shape floorplan, designed with a roof top deck and underground parking for 42 spaces. The Development plans include three additional buildings on the 58-acre site, including Class A multi-tenant flex space, with a total square footage of 70,632.
INOVA Flex is also breaking ground immediately with a recent commitment from Power Home Remodeling Group, a Philadelphia-based company opening an office in Denver, pre-leasing 23,658 square feet of the planned 70,632-square-foot flex property.
INOVA, a shortened name for innovative, introduces an enhanced, tilt-up office architecture to Denver. One of the fastest-growing building technologies in the United States, tilt-up construction economics include reasonable cost with low maintenance, durability, speed of construction and minimal capital investment.
INOVA Dry Creek is situated near the Dry Creek light rail station, adjacent to Inverness Business Park and Centennial Airport, and is located approximately 20 minutes from downtown Denver. With United Properties and Principal Real Estate Investors seeking LEED® certification on all buildings, plans include facilities for bike commuters (dedicated building entries with showers, lockers, repair areas and bike rentals), a dedicated shuttle to transport employees to and from the Dry Creek light rail station, and onsite food truck pad sites with dining areas.
United Properties purchased the land for Dry Creek Corporate Center in late 2014 in a joint venture with Principal Real Estate Investors. United Properties hired Powers Brown Architecture as the lead architect for the vertical development and Adolfson & Peterson Construction as the general contractor for INOVA I.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About United Properties
United Properties, based in Minneapolis, specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 50 office, medical, industrial and retail assets in Minnesota, Wisconsin, Illinois and Colorado. For more information, visit www.uproperties.com or follow on Twitter at @unitedpropertie.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $59.3 billion in commercial real estate assets1. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Powers Brown Architecture
Powers Brown Architecture is a professional services firm with offices in Denver; Houston, and Washington D.C. Led by founding members, Joe Powers, AIA, Jeffrey Brown, AIA, along with Keith Conrad, AIA, the firm has extensive experience at the principal level working with private and public agencies. This experience makes Powers Brown Architecture uniquely qualified to meet its clients’ design and construction needs from the most simple to the most complex.
The firm utilizes an approach to design that is highly analytical and inventive in pursuing the unique synthesis of circumstance, opportunity and function. The firm’s collective purpose is held together by a belief in the process of analysis and research of program and site in their own terms. Powers Brown Architecture holds the belief that this attention to the specificity of every opportunity is a condition perhaps unique to architecture as a discipline.