It is one of the largest office leases signed in that southeast Denver/central Aurora corridor in recent memory. The seven-year lease is valued at about $10 million. Defense contractor Raytheon Corp. will be relocating into a build-to-suit when its lease expires in the fall, says Trammell Crow Co. broker Richard Bryant, who lists the building along with his son, Steve, also a Trammell Crow broker.
"Steve brought us this building," Richard Bryant told GlobeSt.com. "With this lease, the building is basically 100% leased." Space ranges from $19.50 per sf to $21 per sf.Colorado Access will take the fifth and sixth floors. It currently occupies 50,000 sf at One Cherry Street, about four miles from Two Denver Highlands, says Don Oberndorf, of Oberndorf Properties Ltd. Oberndorf, a tenant rep, has had Colorado Access as a client since 1996 - a year after it had been founded.
"We first put them in 14,000 sf, and they've grown to 50,000 sf," Oberndorf says. "But they're scattered among five floors. We needed a building with larger floor plates. They also needed a building that could accommodate future growth."
Not only has the company outgrown its current space, but also it says internal efficiencies will improve by being on only two floors. Colorado plans to upgrade its space to surpass American With Disabilities Act standards. "When people come into the reception area - whether it's a child in a wheelchair, someone from a state agency, a provider or an employee, I want this area to say: 'This is Colorado Access and this is a company that embodies its commitment to caring,'" says Don Hall, Colorado Access' president and CEO.
Oberndorf says he almost had a tenant to fill the space that Colorado Access is vacating at One Cherry Center, which is owned by CMD Realty. He says a law firm had looked at the space, but then nixed the idea. "I'm working to find another tenant to backfill the space," he says.
Colorado Access has 285 employees and expects to add another 70 this year, a 25% increase. With 139,230 members, Colorado Access is the largest health plan for Medicaid-managed care. It provides Medicaid mental health services in Denver and managed care services for the Colorado Department of Corrections.
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