Policy Studies Takes 47,000 sf of Sublease Space

Policy Studies is subleasing about 37,000 sf from Qwest Communications, the ailing Denver-based telecommunications company, says the company's broker, Don Oberndorf, principal of Oberndorf Properties.

It's estimated that Qwest was paying about $28 per sf, while Policy Studies is paying about $15.50.

While the effective rate is $15.50 per sf, Policy Studies won't pay any rent for the next 20 months, so it doesn't have to pay double rent on the 39,000 sf it is leasing at Denver Place, Oberndorf says. Its lease at Denver Place doesn't expire until December 2004.

Policy Studies is taking the Qwest space for the next seven years.

In addition, Policy Studies is subleasing about 10,000 sf from a company called Modis Idea Integration at 1899 Wynkoop St., Oberndorf says for three years at $12 per sf.

"The space at 1899 Wynkoop is much more efficient than at Denver Place," Oberndorf tells GlobeSt.com. "It also has a much better parking ratio and an open floor concept and high ceilings."

At Denver Place, the company was on four floors, which was very inefficient, while now it is taking the second and third floors at 1899 Wynkoop, he says.

"It is nice space at Denver Place and it was a great home for them," Oberndorf tells GlobeSt.com. "They loved it. They wanted something with character and warmth, and this has high ceilings and open beams."