X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ENGLEWOOD, CO-Catholic Health Initiatives has signed an 11-year lease for 100,000 square feet at 198 Inverness Dr. W., a 160,000-square-foot office building in this southeast Denver submarket, according to building owner Lowe Enterprises. The building will reportedly become the nonprofit health care system new headquarters. CHS is currently headquartered at 1999 Broadway in Downtown Denver.

Located within Inverness Business Park, 198 Inverness is undergoing a full renovation that Lowe says has been awarded a LEED Gold certification. CHI plans to begin relocating to the building in June 2010. The company reportedly selected the site for its easy access to freeways and public transportation as well as its would-be LEED rating.

Acquired Lowe in 2006, the building sits adjacent to Inverness Hotel, Golf and Conference Center, which Lowe acquired in 1995. The financial details of the lease agreement were not released by the parties involved and not otherwise immediately available. An online flyer lists the full service asking rate at $26 per square foot and that tenants get “premier access and discounted rates” to the hotel.

The overall vacancy rate in the Denver area is currently 17.6%, according to a third quarter report from CB Richard Ellis. Tear-to-date average asking rents have fallen $2.41 per square foot since the start of the year to $23.87 per square foot.

Lowe operates close to one million square feet in the Denver area. Nick Pavlakovich of Cushman & Wakefield represented CHI. John Marold of CB Richard Ellis represented Lowe in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.