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DENVER-Intertech Plastics Inc., a plastic-injection molding manufacturer, recently renewed and restructured the lease of its 120,000-sf corporate headquarters and manufacturing facility at 12850 E. 40th Ave. The $4-million deal was handled by the Denver office of Studley, a tenant rep firm. The Intertech transaction is the largest deal of its kind in the past 12 months, according to execs at Studley.
The long-term lease renews Intertech's commitment to the location at a below-market rental rate with a generous tenant concession package and full expansion and contraction rights. The facility houses both the firm's headquarters operation and 100,000 sf of manufacturing and warehouse space.
"Intertech Plastics has been headquartered here for more than 25 years," says the company's president and founder Noel Ginsburg. "Though relocation options were explored, Studley negotiated a renewal package that enables us to remain at the location that helped facilitate our growth into a world-class organization."
According to Studley's corporate managing director John Crowley, the facility search included a review of potential build-to-suit options around the Denver metropolitan area. "We thoroughly analyzed the costs associated with relocation and determined that the business impact, the costs associated with production downtime and the cost to move existing manufacturing equipment outweighed any potential occupancy cost savings that relocating would generate," Crowley says.
In addition to the reduced rental rate and increased flexibility, Intertech will benefit from a "substantial" tenant concession package that will be used to enhance the image of its headquarters space, he says. Constructed in 1974, the single-story 200,000-sf industrial facility is located at 12850 E. 40th Avenue. Another major tenant in the building is Chrysler Corp.
Intertech Plastics was represented by Studley corporate managing director Crowley and managing director Ted Harris. Building owner, Denver-based Prologis, was represented in-house by Wayne Barrett.
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