CH2M Hill's current annual base rent is approximately $10 million. The firm has the right to extend the term of its lease for two successive periods of five or 10 years each. Built over the past five years, the campus occupies the 9100 block of South Jamaica Street. The complex sits within the Meridian Business Center.
CH2M Hill is a global construction and engineering firm with a reported net worth of approximately $402.7 million. Wells REIT funded the acquisition with net proceeds raised from the REIT's ongoing public offering and proceeds from its $400-million line of credit with Wachovia Bank. CH2M Hill was represented in the transaction by Cushman & Wakefield.
The CH2M headquarters marks Wells REIT II's first acquisition in Colorado. The public nontraded REIT specializing in office properties now owns 16 million sf in 69 buildings in 21 states. The average occupancy in the portfolio is 98%, according to Wells.
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