(To read more on the net lease market, click here.)
LAKEWOOD, CO-The fast-growing money order service provider MoneyGram recently leased 35,140 sf in the 172,000-sf West Point building. Located at 3900 S. Wadsworth Blvd., the facility is on a main thoroughfare in this suburb west of Denver. According to execs at Transwestern Commercial Services, the owner of the class A building, MoneyGram was seeking a building that would meet its technological and growth needs as well as complement its nearby facility in Academy Park.
Jonathan Jones, Kevin McKinnon and David Shapiro of Transwestern, along with Michael Shomion of Liberty-Greenfield brokered the deal. Liberty-Greenfield is a Denver-based tenant rep field. Other major tenants in the building include the Allen Systems Group, Forerunner Engineering, Power Engineering, Bankers Life and Casualty and United Title.
MoneyGram, which is taking 20% of the West Point building, was founded in 1940 in Minneapolis as Federal Express, as a money order business. In the 1990s, with the advent of new technology, the company made a flurry of acquisitions and expanded into bill payment, rebates, refund processing and transaction services to casinos. In 1998, it entered the international marketplace by acquiring MoneyGram Payment Services. Travelers Express was once a subsidiary of the Greyhound Corp., than became part of what was known as Viad Corp. In 2004, the company was spun off from Viad to become an independently traded company.
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