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    Colorado Real Estate Journal Highlights Start of Third Office Park in Colorado

    by Chris Kozlowski
    Thu, Apr 22nd 2010 09:00 am
    See article PDF  [ View Original Article ]

    Office Developer Launches Third Denver Area Development

    Jill Jamieson-Nichols

    A developer of affordable, upscale office space is starting a Denver area project that will increase its presence in the market to more than 100,000 square feet.

    North Forest Office Providers is starting construction of the 104th Avenue Professional & Medical Center at the northwest corner of 104th Avenue and Potomac Street in Commerce City. It expects to have turnkey space available for tenants in the third quarter.

    "Relocating can be painstaking for any company. For us, offering new, competitively priced office space with build-out costs included has put our properties on people's radar screens," said Brett Steinbar, the company's Denver area co-manager.

    The 54,684-square-foot office park will be located near the Reunion master-planned community in what has been and should continue to be one of the fastest-growing parts of the metro area. It's also an area that lacks comparable office product, noted Steinbar.

    "A lot of business owners who would rather not commute to their jobs can finally find a place close to home," he said. The development site sits between E-470 and Tower Road on the east and Interstate 76, and Highways 2 and 85 on the west.

    It is approximately a mile from the Adams Crossing mixed-use center, where Adams County is building its new administration building.

    A 10,000-sf building will be the first of six single-story structures planned for the office park, which can provide space for tenants from 650 sf to full-building users. North Forest Office Providers offers lease terms as short as a year and also plans to make condominium ownership an option at its parks.

    "That's one of the nice features about our company is that we try to be able to provide a business flexibility in these uncertain times," said Steinbar.

    Asking rates, on a modified gross basis, are anticipated to be $17.90 per sf for professional space and $18.90 per sf for medical office space. Taxes, water and common-area maintenance are included in the lease rates. The tenant pays only for its data, gas and electrical services; units are individually metered.

    Spaces are designed to be easily modified to meet tenant demand. They include private entrances with signage adjacent to the door, individual offices, a reception area/waiting room, conference room, private bathroom, kitchenette, storage closet, and private air-conditioning and heating units.

    North Forest Office Providers' other developments include NorthRidge Commons in Westminster, where it just started construction of a third building, and Telluride Business Park in Brighton. Most of the tenants it sees, especially medical users, are looking to upgrade their space, and others are downsizing, some by moving divisions to strategic locations, said Steinbar.

    As the company expands, tenants can open second locations in its other projects, knowing they will receive the same product, tenant finish and customer service, Steinbar noted.

    Financing and construction of 104th Avenue Professional & Medical Center are being done internally. The company manages and maintains its properties in-house.

    North Forest Office Providers is a longtime developer of office parks in Buffalo and Rochester,

    N. Y., that has been in the Denver market for three years.

    Companywide, it has a half million sf leased and occupied.