With 500 employees, it is the largest single employer to so far locate to Lowry in east Denver.
The company's 165,000-sf lease at the Galleria building on South Colorado Boulevard, about three miles west of Lowry, was expiring.
The company needs less space in its new building because it is so much more efficient, says Jeff Tetrick, vice president and chief financial officer for Pinnacol. Tetrick says by owning its own building, the company will save $500,000 in the first year.
The company began looking for a new home in 1999 and chose Lowry in 2000. Calcon Construction Inc. broke ground on the four-story building 13 months ago.
Tetrick tells GlobeSt.com that one benefit of the slow economy is that the building was constructed exactly on schedule. Two years ago, when there was a labor shortage in the state, many projects faced long delays.
Pinnacol provides workers' comp insurance for about 48% of the market. It was founded in 1915 and last year posted $392 million in earned premiums. The primary industries it serves are construction, services, retail trade, manufacturing and transportation, communications and utilities.
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