Power Home Remodeling Sets its Sights on Denver
Commitment to Inova’s Mixed-use Campus will kick start Flex development
Denver, CO (May 23, 2016) – Newmark Grubb Knight Frank (NGKF), United Properties and Principal Real Estate Investors announce Power Home Remodeling, a Pennsylvania-based company, recently recognized as Fortune’s #1 Workplace for Millennials in the country, is opening a Denver location. The company’s pre-leasing commitment of 23,658 square feet will kick start the planned 70,632-square-foot INOVA Flex development at INOVA Dry Creek.
INOVA Flex is part of the master planned INOVA Dry Creek, the southeast submarket’s new 650,000-square-foot mixed-use office, flex and residential campus, located just east of Interstate 25 and East Dry Creek Road in Centennial. NGKF’s Andrew Blaustein represented Power Home Remodeling and NGKF’s Jason Addlesperger, Dave Lee and Mike Wafer represented United Properties and Principal Real Estate Investors in the lease transaction.
“Power polls its employees every year to gauge interest in new markets and Denver was nearly the unanimous choice,” commented Corey Schiller, co-chief executive officer at Power Home Remodeling. “We also keep a watchful eye on where the general population would most like to live. Denver was at the top of both lists, so it’s an easy decision to relocate twenty individuals to help open the Denver market.”
Power Home Remodeling is listed in Inc. 5000’s annual list of fastest growing private companies and is consistently named one of the best places to work. “Our employees are especially energized by innovative and vibrant work environments, and we’re confident we can create the Chester, PA headquarters culture at INOVA,” he added.
“INOVA Flex provided options for Power that were not available anywhere else in this market,” added Andrew Blaustein, managing director at NGKF. “INOVA Dry Creek offers the most desirable location with a large parking ratio, an opportunity to design our own space from core and shell, and a mature tenant base in the immediate vicinity. Combine these features with the strength of the Southeast market, a Class A flex opportunity, and proximity to area amenities and you have a natural win.”
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. Jason Addlesperger, Dave Lee and Mike Wafer, all executive managing directors at NGKF, master planned the campus with United Properties and Principal Real Estate Investors. Murray and Stafford was hired as the general contractor for INOVA Flex.
With a planned June groundbreaking for INOVA Flex, it is expected that Power Home Remodeling will open its Denver location in January 2017. The company currently has 1,650 employees in ten business locations across the United States and expects to grow its Denver employee base to 100 people.
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 @UPDeepRoots.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $66.0 billion in commercial real estate assets. 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®.
For United Properties: