American Skandia Chooses $17-Mil Westminster Building for New Office

WESTMINSTER, CO-Financial giant American Skandia Inc. is ticketing a Denver suburb for its first move outside its Shelton, CT headquarters.

The company is leasing a $17-million, 120,000-sf building at Circle Point Corporate Center, east of US 36 in Westminster. The structure is a project of Catellus Commercial Group LLC. The building will house a customer service and sales center with supporting information technology, training, human resources and facilities management, says Ian Kennedy, senior vice president of customer service for American Skandia. The firm manages $85 million through subsidiary companies.

The move to Westminster could bring as many as 500 high-paying jobs to the region, says Tom Clark, president and CEO of the Jefferson Economic Council. He says the average job will pay $49,000. About 20% of the workforce are expected to be managers earning $56,000 to about $100,000. Non-managerial positions will pay annual salaries of $35,000 to $50,000. The company, which expects to move into the building in early 2001, will have a payroll of more than $63 million over the first five years, says Clark. Jefferson County is providing a 50% in personal property tax abatement.

Clark says most financial services company chose either Denver’s CBD or the southeast corridor in the past. “This is a major signal for us,” Clark tells GlobeSt.com. “It shows we can attract a major financial service company to the Northwest. They looked throughout the metro area, but ultimately their final decision came down to about five parks, all along the Northwest corridor.” He says region’s abundance and availability of fiber optics particularly impressed American Skandia.