Introducing smart, tilt-up construction to Denver market speculative development
DENVER (July 22, 2015) – Newmark Grubb Knight Frank (NGKF), United Properties and Principal Real Estate Investors announce INOVA Dry Creek, the Southeast Suburban (SES) submarket’s new 695,000-square-foot mixed-use office and residential campus, a revitalization of Dry Creek Corporate Center. A 212,000-square-foot, five-story, suburban Class A speculative office building, scheduled to break ground in September of this year, will kick off the five-building planned business park at 7250 South Havana Street. The office building at INOVA Dry Creek will have 14-foot 6-inch ceiling heights, 9-foot window heights, flexible floor plates and seek LEED Silver certification.
INOVA Dry Creek will offer nearly 695,000 square feet of office, industrial and multihousing uses. Current plans accommodate five additional buildings, with at least three offering multi-story office and one industrial/flex. The project caters to single- and multi-tenant occupancy, with floor plates to provide campus users from 30,000 to over 200,000 square feet.
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.
“We have been planning this project since the initial land closing in October 2014 and feel this is time to introduce INOVA Dry Creek to the market,” said Kevin Kelley, vice president and regional manager of United Properties, the owner and developer of the project. “Our project team’s successes at Enterprise Business Center in Stapleton demonstrate our ability to uncover market-changing opportunities.”
Global financial investment firm Principal Real Estate Investors is working with United Properties as a significant equity partner on the project, along with Powers Brown Architecture, which is driving the design and construction process. Jason Addlesperger, Dave Lee and Mike Wafer of NGKF are leasing and marketing the project.
“The economic advantages at INOVA Dry Creek include a very competitive mill levy compared to other SES locations,” said Addlesperger, NGKF executive managing director. “United Properties is building new value by creating a suburban Class A spec office product that will provide starting lease rates under $20.00 per square foot, triple net lease and the highest SES parking ratio, at 5:1,000.“
Planned amenities include a campus with dedicated areas for biking, lockers, showers, a bike repair area and rentals, and immediate access to transit-oriented development and the Light Rail station at Dry Creek and I-25. Premium finishes, expanded parking, on-site restaurant space and a food truck are also planned to appeal to tenants. The property is adjacent to Topgolf and minutes away from Centennial Airport.
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 $59.3 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®.