The space is currently leased by the law firm of Brobeck, Phleger & Harrison, a firm known for handling many high-tech deals across the country.
In the first quarter of 2000, the firm was working on 13 stock deals worth more than $1 billion, while it doesn't have any on its plate this year.
The firm is looking to sublease the 26,428-sf space as it weathers the high-tech implosion along Denver's northwest corridor, which has a vacancy rate estimated at more than 32%, when subleased and direct space is included.
Link says he thinks it could go to 50% vacant before it bottoms.
The BMW lease, Link says, is the equivalent of paying a broker another $1 per sf. Other tenants, eager (maybe desperate) to lease space along the corridor have done that, he says. But the BMW lease ads "sizzle" to the transaction, Link contends. Hopefully, it will assure that he sees every single deal out there, he adds.
Link says the broker who brings the deal for the space can probably either get a monthly check to cover the lease or possibly even a lump sum to cover the cost. And if the right company comes along, Link says he could likely re-arrange the space to accommodate it, he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
