Located within Inverness Business Park, 198 Inverness is undergoing a full renovation that Lowe says has been awarded a LEED Gold certification. CHI plans to begin relocating to the building in June 2010. The company reportedly selected the site for its easy access to freeways and public transportation as well as its would-be LEED rating.
Acquired Lowe in 2006, the building sits adjacent to Inverness Hotel, Golf and Conference Center, which Lowe acquired in 1995. The financial details of the lease agreement were not released by the parties involved and not otherwise immediately available. An online flyer lists the full service asking rate at $26 per square foot and that tenants get "premier access and discounted rates" to the hotel.
The overall vacancy rate in the Denver area is currently 17.6%, according to a third quarter report from CB Richard Ellis. Tear-to-date average asking rents have fallen $2.41 per square foot since the start of the year to $23.87 per square foot.
Lowe operates close to one million square feet in the Denver area. Nick Pavlakovich of Cushman & Wakefield represented CHI. John Marold of CB Richard Ellis represented Lowe in the transaction.
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