The 10-story, 265,000-sf Peakview Tower neighbors Fiddler's Green, a popular outdoor amphitheater for concerts off of Interstate 25. Nortel will take three floors in the $40-million building that has been developed by Dallas-based Insignia Commercial Investments Group, a subsidiary of New York City-based Insignia Financial Group.
Triple net leases in the metro area's newest class-A office project are in the $19 to $20 per sf range, with another or $80 or $90 per sf in expenses, says Chuck Zeman, director of leasing for Insignia/ESG, the marketing and brokerage arm of Insignia.
Real estate experts value Nortel's seven-year lease at $16 million. Zeman says. He expects several more leases will be signed this week, pushing occupancy to 50%.
The Nortel deal has been handled by Steve Andrews of the Fischer Co. in Dallas and Trent Rice of Denver's Frederick Ross Co. Rice says Peakview has an unbeatable location, efficient floor plates and plenty of power for high-tech companies such as Nortel. He says Nortel had been leasing 45,000 sf, just down the street from Peakview.
David Habib, who runs the Dallas office of WDG Habib Architects and Oz Architecture of Boulder and Denver, is Peakview's designer. The Neenan Co., based in Fort Collins, CO had served as general contractor.
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