When completed, the developments will total almost 185,000 sf. The first project is the Skyway Corporate Center at 116th Circle and Wadsworth Parkway, a three-building complex in Broomfield, a northwest suburb of Denver. It will feature ceiling clearances of 14 feet to 18 feet, state-of-the-art sprinkler system and individual tenant signs. Pinkard Construction is the general contractor and Intergroup of Denver is the architect.
The second undertaking is the 80,000-sf HighPointe Business Centre in the Hilltop Business Center at Santa Fe and County Line roads in Littleton, southwest of Denver. The building, with concrete tilt-up panels, will be able to accommodate tenants that need as little as 5,000 sf.
Both buildings are expected to command triple net leases of $13.50 per sf. "That includes $20 per sf finish allowance," First Industrial leasing agent Brit Banks tells GlobeSt.com. "That's crucial, because it gives tenants an understanding what comes with the buildings."
Expenses are estimated to add another $2.50 per sf, plus about $1 per sf for utilities, he says. "So if you look at the cost on a full-service gross basis, you can compare us to a new class-A office building that is charging $22 or $24 per sf," he explains to GlobeSt.com. "That way, you're matching apples with apples. A lot of tenants have been leasing space class-A space because that's all that's been available, but they don't really need it. So a boss can get in here and save $5 to $7 per sf. And once you get inside our offices, you can't tell that you're not in a new, high-rise." Graham Riley, who is in charge of development for First Industrial, says the buildings will be worth about $100 per sf when they're completed and leased.
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