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Park Technology Center Now Ready for Tenants

WESTMINSTER, CO-First Industrial has capped construction on a four-building project that's available any way a contract can be sealed. Buy one, buy all or lease them is the way brokers are approaching the marketing effort.

By John Rebchook | Updated on February 21, 2001

WESTMINSTER, CO-First Industrial Development Services has put the finishing touches on a 146,000-sf office campus in the suburb of Westminster, situated just north of Avaya Corp.’s huge facility.

The four-building Park Technology Center has buildings ranging in size from 33,000 sf to 39,000 sf. “We’re trying to do our first deal now,” Brit Banks of First Industrial told GlobeSt.com. “We’re also taking a little different tact with them. We’re platting them all separately, so we can sell each building separately or sell them as a package.”

Or, says Banks, the space can be leased at $10.75 per sf, triplet net, with $10 per sf of tenant improvements or $12.25 per sf with $20 per sf in tenant improvements. He estimates First Industrial would sell the core and shell of the buildings for $80 per sf to $100 per sf, although the price could rise depending on the level of improvements wanted by a buyer.

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