Xcel serves 1.3-million electricity customers and 1.2-million natural gas customers in Colorado. The company's lead broker for the transaction, Barry Dorfman of Staubach, tells GlobeSt.com that Xcel was drawn to 1800 Larimer in large part because Westfield is vying to have one of the first office buildings in the nation to achieve the US Green Building Council's highest certification level, known as LEED Platinum, for its core and shell.

"Xcel wanted to get most of their people under one roof to promote culture while also being environmental stewards," Dorfman says. "There were really nine options, eight of them being new construction, all of them Downtown," and most of them needing an anchor tenant like Xcel to take to the bank to get their construction financing.

Indeed, Westfield Development president Rich McClintock says Xcel's lease commitment is the reason the estimated $190-million development is moving forward despite economic conditions. The lease for 66% of the building makes the building 75% preleased, giving the lender, Wachovia, confidence that Westfield will be able to generate the cash flow to obtain permanent financing and take out its construction loan.