Opus will start construction this spring on the building that is across the street from a huge discount mall planned by the Mills Corp. of Arlington, VA. The Opus Center, which will be located at 6th and Indiana streets, also will include two retail pads, says John M. Shaw, Opus vice president and general manager. The company has developed 3.3 million sf in the Denver area in the past six years and currently has 1.4 million sf under construction.
The West Side has one of the lowest office vacancy rates in the entire metro area, Shaw says.
"Probably only Downtown is tighter, but that's going to change" when Qwest Communications dumps a lot of subleased space in the CBD, he says.
The three-story building, with mountain views, will include 4.5 parking spaces for every 1,000 sf of office space, state-of-the-art electrical and mechanical systems, and efficient floor plates. The property is expected to command lease rates of $16.50 per sf to $17.50 per sf, which is the top of the market for the West Side, but not by much, say Chris Phenicie and David Hart, who are listing the project. They are brokers with Commercial Colorado LLC.
Marshall Burton, Opus' real estate director, says the area has great access because of its proximity to major arteries, specifically West Sixth Avenue, C-470, West Colfax Avenue, Interstate 70 and Colorado 93, which leads to Boulder. The access allows tenants to recruit from throughout the entire metro area, Burton says.
Opus bought the property from Metropolitan Life Insurance Co., in a deal that's been handled by Tom Wanberg and Victor Frandsen of Grubb & Ellis Co.
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