The new building will be large enough to house about 750 people. Raytheon hired Panattoni Development as a fee developer on the building. "Raytheon is just bursting at their seams in their current buildings," Wendy Mitchell, president of the Aurora Economic Development Corp., tells GlobeSt.com.

Raytheon will receive up to about $2.2 million in incentives for the deal. The city of Aurora is contributing up to $1.45 million with a 50% reduction in sales and user taxes. "To get it, they've got to spend it, sothe city is not losing anything," Mitchell says.

In addition, the state's economic development agency is contributing up to $700,000, and Arapahoe County is contributing up to $62,000 in a 50% reduction in personal property taxes, Mitchell says.

"The interesting thing about this deal is that Raytheon is owning the building, lock stock and barrel," Mitchell tells GlobeSt.com. "That shows a real commitment to Aurora. They're leasing their other buildings on their campus."

Without the incentives, much of the growth likely would have gone to Raytheon's regional headquarters in Garland, TX, outside of Dallas, shesays. "Their regional headquarters in Dallas has excess space; the incentives sort of leveled the playing field."

The new building will bring its Aurora campus to 600,000 sf. "A lot of people don't realize it, but that will make it even larger than their regional headquarters in Garland," Mitchell says.