The buildings have a combined 156,598 sf and are jointly valued at more than $15 million, Brian Smith, director of acquisitions for Etkin Johnson, told GlobeSt.com. The first building, totaling 92,576 SF, opens next month. The second building consisting of 64,022 sf, breaks ground in the fall and tentatively is set for completion in first quarter 2001. The single-story buildings will be constructed with fiber optics, 24-foot clear ceilings and room for expansion.

Smith says a tenant is close to signing a lease for the smaller building while Etkin Johnson is negotiating with several tenants for the larger structure. According to Etkin's leasing director Barbara Myers, regular flex warehouse space commands rates of $9 per sf while office space, which is about 25% of the project, is $13.50 per sf.

Etkin Johnson, which has a Denver-area portfolio of more than 4 million sf, and several competitors are aggressively opening buildings in the northwest corridor. Etkin owns 200 acres in the 450-acre business park that is a six-minute drive from Boulder and 15 minutes from downtown Denver. "All of the building is always a cause for concern, but so far the demand is outstripping the supply," says Smith.