John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Denver-based Catholic Health Initiatives, the nation’s second largest Catholic health system, today announced it has signed an 11-year, 100,000-square-foot office lease at 198 Inverness Drive West.
It is the largest new lease along the southeast corridor this year, according to the building’s manager, Lowe Enterprises. Los Angeles-based Lowe bought the building on behalf on an institutional client. CHI currently leases space in 1999 Broadway in downtown Denver. Lowe paid $19.2 million to US Property Fund GmbH & Co. KG for the four-story, 138,000-square-foot building.
CHI plans to begin relocating its associates to the building, which will serve as its new system headquarters, next June.
“198 Inverness provides a convenient location for our associates with easy access to freeways and public transportation,” said Herbert Vallier, CHI senior vice president and chief human resource officer. “The property’s LEED Gold certification, showing that it is a high performing green building, was also a factor in our decision.”
Lowe acquired 198 Inverness Drive West in 2006 on behalf of an investment client and serves as property and asset manager for the eight-story, class A office building which was built in 1990. The firm immediately began assessing building modifications and operational changes to improve the sustainable aspects of the property. In September, the building achieved a LEED Gold designation from the U.S. Green Building Council. It is the first office building in the Denver Southeast office market to achieve LEED Gold for Existing Buildings.
“Our team worked diligently and invested a great deal of time to develop a program of sustainability to earn the Gold certification,” noted Steve Nesterak, president of Lowe Enterprises Real Estate Group – Commercial. “It is more challenging to achieve a Gold level rating for an existing building and therefore more common for owners to seek a lower level rating. This is a proud achievement for everyone involved.”
“The lease with CHI affirms that Southeast Denver continues to be one of the region’s most attractive, premier office markets,” added Nesterak.
198 Inverness Drive West offers one of the most desirable locations within the 980-acre Inverness Business Park, adjacent to the Inverness Hotel and Conference Center and its 18-hole golf course, which Lowe acquired in 1995 and operates through its hospitality subsidiary, Destination Hotels & Resorts.
“We’re certain that CHI and its associates will be more than satisfied with their selection of the Inverness Business Park for its corporate headquarters,” said Clay Boelz, principal of Inverness Properties.
Nick Pavlakovich of Cushman & Wakefield represented CHI while John Marold of CB Richard Ellis represented Lowe in the transaction.
Lowe Enterprises has maintained a regional office in Denver since 1985 and is an active investor and developer of institutional quality real estate including office, industrial and residential products. The firm currently operates approximately 1 million square feet of commercial space in the Denver area. Lowe’s hospitality subsidiary, Destination Hotels & Resorts, currently operates numerous hotel and resort properties throughout Colorado, including the Vail Cascade Hotel, The Hotel Telluride and The Gant in Aspen.
Catholic Health Initiatives is a national nonprofit health organization that operates in 20 states. Its holdings include: 78 hospitals; 40 long-term care, assisted- and residential-living facilities; and two community health-services organizations. Together, those facilities provided $553 million during the 2009 fiscal year in charity care and community benefit, including services for the poor, free clinics, education and research.
Catholic Health Initiatives will move its headquarters from 1999 Broadway in downtown to this energy efficient building in the Inverness Business Park, which Lowe Enterprises bought and manages.
Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865
[...] http://insiderealestatenews.com/2009/10/catholic-health-initiative-leases-inverness-building/“198 Inverness provides a convenient location for our associates with easy access to freeways and public transportation,” said Herbert Vallier, CHI senior vice president and chief human resource officer. “The property’s LEED Gold certification, … “Our team worked diligently and invested a great deal of time to develop a program of sustainability to earn the Gold certification,” noted Steve Nesterak, president of Lowe Enterprises Real Estate Group – Commercial. … Filed under Uncategorized | [...]