DENVER-Maybe they should change the name of the seventh and eight floors in Terrace Tower II to cable corner.
The bankrupt Adelphia Communications, which wants to move its corporate headquarters to Denver from Coudersport, PA, is looking to lease 41,706-sf in the Class A Terrace Tower II building in the Denver Tech Center. The building formerly was owned and the headquarters of Tele-Communications Inc., once the nation's largest cable TV company.
TCI remained in a portion of the building even after it was sold to AT&T Broadband. Comcast has since purchased AT&T Broadband and still has about 18 months on its lease for about 160,000 sf in the building.
Bankruptcy filings for Adelphia shows it wants to lease space in the building for five years at a lease rate of $16.85 per sf. Estimated expenses for this year would be $9.91 per sf, according to the Letter of Understanding filed with the bankruptcy court. In addition, the building's owner, Maier & Siebel Inc., is offering $5 per sf in tenant improvement.
And M&S, in cooperation with Comcast, would provide Adelphia with “furniture, phones and cabling for all offices, cubicles, conference rooms, reception areas, kitchens and storage areas at no additional charge.”
Tim Harrington, who is representing Adelphia with fellow Grubb & Ellis broker Jim Ptacek, tells GlobeSt.com that they are negotiating a final lease. And that lease needs to be approved by the bankruptcy court. Sergio Castaneda, SVP at CB Richard Ellis, represents M&S.
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