The original lease was for 64,768 sf. It increases the square footage by 40%, providing positive absorption along the corridor. Although its mailing address is Englewood, the building actually is in Arapahoe County.
Panorama Corporate Center is owned by a joint venture between Washington, DC-based CarrAmerica Realty Corp. and New York State Teacher's Retirement System. With the Archstone-Smith lease, the center is 100% leased.
In the Denver-area, CarrAmerica has 15 building with about 1.6 million sf, including both wholly owned and joint venture properties. Its overall local portfolio is 96% leased.
Rob Link of Julien J. Studley Inc. represented Archstone-Smith andNathan Johnson of the Frederick Ross Co. represented CarrAmerica.
"Panorama's location within the southeast suburban Denver market, campus environment and future access to the T-Rex system continues to be attractive to major corporate tenants," says Jerry Mosotti, vice president and director for CarrAmerica's operations for Denver.
Charles E. Mueller, chief financial office of Archstone-Smith, notes the company has been a tenant in the building for the past eight years. The location at 9200 E. Panorama Circle, near East Dry Creek Road and Interstate 25, "provides our associates with easy access from many different neighborhoods throughout the greater Denver area," according to Mueller.
At build-out, Panorama Corporate Center will have nine buildings and1.1 million sf. It sits on 54 acres.
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