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Corporex Colorado Pursues Mixed-Use Transformation on the Last Remaining Development Site in Inverness

NKF joins as Marketing and Leasing Advisors to Infuse Multiple Uses at 188 and 180 Inverness

Denver, CO (04/10/2019)

12:00 PM

Corporex Colorado, owner of 188 Inverness, announces planned renovations to 188 Inverness and the development of the adjacent land site, 180 Inverness. Newmark Knight Frank (NKF) Executive Managing Directors Jason Addlesperger and Dave Lee, Senior Managing Director Pete Staab and Associate Director Keith Bell join Corporex Colorado as marketing and leasing advisors to create a plan to strengthen the connectivity, authenticity, walkability and pedestrian scale of the premier projects within the maturing Inverness neighborhood.

188 Inverness is a highly visible, signature eight-story, Class A office asset with spectacular views of the Front Range. With large, efficient and flexible, 38,000-square-foot floor plates, it is the perfect fit for today's corporate users. Corporex Colorado has embarked on a renovation plan including upgrades to infrastructure, tenant amenities and common areas. Additionally, the building lobby will include an activated, technology-driven ‘Experience Center' to showcase Corporex Colorado's completed, ongoing and future development projects as well as its commitment to innovation, excellence and client service.

Immediately adjacent to 188 Inverness is 180 Inverness, a development site originally master planned for a 176,000 square foot corporate build-to-suit. With the ongoing evolution of Inverness from a corporate office park into a maturing mixed-use neighborhood, the vision for 180 Inverness has evolved. With the help of NKF, Corporex Colorado is considering mixed uses, which could include activated retail as well as additional office and potentially new residential. Targeted retail could include restaurants, brew pubs, coffee shops, and fitness studios. A ‘marketplace' environment and scaled ‘pop-up' and communal amenities like co-working office space may also be added.

A recent Boston transplant, Corporex Colorado Senior Vice President and Market Director, Karen McShea notes the emergence of mixed-use projects as an important part of the longevity and vibrancy of a neighborhood and local economy. "A successful mixed-use project is characterized by a synergistic mix of office, residential, retail and hospitality space. As Inverness grows organically from an office park into an authentic mixed-use neighborhood, we intend to capitalize on the transformation, strengthening the characteristics of the destination through renovations and development at 188 and 180 Inverness." With international development experience, McShea has specialized in complex mixed-use project development, real estate positioning and marketing strategy, and development implementation strategies in countless urban settings, including Boston, San Francisco, Washington DC and Puerto Rico.

"We are thrilled with the vision and to work alongside Corporex Colorado, leveraging NKF's extensive history in the submarket. Our team will consult on the design of 180 Inverness not only to complement the existing office, but the site's adjacent uses. We'll identify the ideal mix of businesses for 180 Inverness that will best strengthen and activate both 188 Inverness and the Inverness neighborhood, at large," noted Staab, who is acting as team lead on the assignment.

Located on the highly visible Inverness Drive West corridor, the projects are a part of Inverness' decade-long transformation from a corporate office park to a dynamic mixed-use, transit-oriented neighborhood, with both the Dry Creek and County Line Light Rail Stations each approximately a half a mile away. Corporex Colorado's commitment to the Inverness neighborhood is to knit together existing uses and area amenities including the Hilton Denver Inverness Hotel, the Inverness Golf Club, Centennial Airport, and Park Meadows mall as well as those nearby such as the nearly completed Steadman Hawkins Clinic-Denver, into a vibrant live-work-play neighborhood. The demand in suburban submarkets for walkable, highly-amenitized neighborhoods in proximity to transit has been demonstrated by the successful lease-up of Village Center Station and the rapid growth of One Belleview Station, for example.

The Southeast Suburban (SES) submarket posted full-year absorption of 1.0 million square feet in 2018, the second highest in the entire Denver market, driven by large corporate expansions by users such as Charter Communications, Comcast and Western Union.

About Corporex Colorado
Corporex LLC (Corporex) is a privately held investment company with broad holdings throughout the United States. Corporex creates investment opportunities for its capital partners through traditional real estate assets as well as an ever-broadening array of other opportunistic investments. The ability to create exceptional value through these investments is rooted in the company's 53-year history as a builder. Corporex controls over $1 billion of real estate investments located in 20 major markets across the United States.

Corporex Colorado, a wholly owned subsidiary of Corporex, is a full-service provider of commercial development - project design, development, and construction management services for hotel, office, and residential assets - focused in the Denver metro market. While a significant portion of the company's development operations involve Corporex-owned products, it also provides management and consulting services to third-party clients. To date, Corporex Colorado has completed multiple projects in Colorado including Embassy Suites and the Hyatt House at DIA; the Museum Residences, a 55 luxury condominium complex and the ART, a hotel in Downtown Denver; Fitzsimons 100, a 168,000 square foot office and retail building; SpringHill Suites hotel and Hyatt Regency Aurora Denver Conference Center, all part of the Fitzsimons Village in Aurora Colorado and the Hampton Inn & Suites in Lone Tree Colorado. Currently, Corporex has several projects under development.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.