For 30 years, Etkin Johnson Real Estate Partners has taken a leading role in the acquisition and development of property throughout Colorado's Front Range, earning the company its current status as the premier commercial real estate company in the greater Denver area. Dedicated to innovating while maintaining a fiscally sound base, Etkin Johnson is committed to providing clients with the highest levels of service.


Etkin Johnson Real Estate Partners
1512 Larimer Street, Suite 100 (Bridge Level)
Denver, Colorado 80202

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Monthly Archives: May 2016

Essex arranges loan for Etkin Johnson

As Seen In The Colorado Real Estate Journal – May 18-31, 2016

Shown is Lafayette Corporate Campus.

In the fall of 2000, about 300 Denver area commercial real estate brokers gathered in a field before boarding a five-seat helicopter, to provide them with an aerial view of what today is the 293,394-square-foot Lafayette Corporate Campus.

“Once you’re up in the air, it’s a no-brainer,” Bruce Etkin, principal of Etkin Johnson, the developer of the 77-acre center, said at the time of the appeal of the industrial and flex-space campus.

The next year, the first building in the center off U.S. 287, just east of U.S. 36 opened.

Etkin Johnson recently refinanced the campus.

Jeff Riggs, a principal at Essex Financial Group, missed that helicopter ride.

However, his relationship with Etkin Johnson predates that helicopter tour. By a lot.

“We have done business with Etkin Johnson for over 30 years,” Riggs said.

Most recently, Riggs and Sam Makings, an analyst at Essex, arranged a $24 million loan on behalf of Etkin Johnson for the Lafayette Corporate Campus.

The nonrecourse loan was made by a Midwestern life insurance company.

The 15-year loan, amortized over 30 years, includes two years of interest only.

“This financing achieves our goal of utilizing conservative leverage at favorable terms for an asset we plan to hold long-term,” said Derek Conn, director of finance for Etkin Johnson. “We think this debt will look very good for many years to come.”

There were a number of lenders willing to make the loan, given the location of the Lafayette Corporate Campus, the strength and history of Etkin Johnson, and the quality of the tenants at the campus, which include GE Health Care and Epsilon, according to Riggs.

“All were interested, but Etkin wanted a 15-year loan term and that eliminated most banks and CMBS sources,” Riggs said.

The lender, like Riggs, has a relationship with Etkin Johnson.

“The winning lender was able to forgo any structure provisions related to tenant rollover occurring over the first three years of the loan,” Riggs said.

“They had done loans for Etkin Johnson in the past and relied upon their experience and integrity,” Riggs said.

During the past three decades, Essex has financed several projects for Etkin Johnson.

The latest was not its biggest by a longshot.

In the past, Essex had financed a 20-building, 2 million-sf portfolio of industrial properties for Etkin Johnson.

“That was a $85 million credit facility with a major life company, TIAA,” Riggs said.


Qualcomm sells vacant Gunbarrel property after downsizing

As Seen In The Boulder Daily Camera – May 9, 2016

The former Qualcomm facility at 6150 Lookout Rd in Gunbarrel, pictured here, has been sold back to previous owner Etkin Johnson, along with three surrounding land parcels, for $5.4 million.

Chip maker Qualcomm has sold its Gunbarrel facility to Etkin Johnson Real Estate Partners after downsizing.

The Denver based development, investment, ownership and management company, announced the acquisition of property at 6150 Lookout Road on Monday. Etkin previously owned and managed the space for 16 years before selling to Qualcomm in 2014.

Etkin plans to completely renovate and reposition the asset, which includes a 51,082-square-foot office/flex building, an adjacent parking lot at 5150 Lookout, a vacant 3.7 acre parcel at 6100 Spine Road and a vacant 2.3 acre parcel at 6201 Spine Road.

Etkin paid $5.4 million in the transaction.

“This is the rare instance in which a prime, value add property comes available in or around the Boulder core,” said Derek Conn, director of acquisitions at Etkin, in a statement. “The property was acquired at a significant discount to replacement costs in an environment with rising construction prices. We see this as a great opportunity to institute an extensive renovation and repositioning plan for the well-located asset.

Etkin sold the 3.7 acre parcel to Boulder firm W.W. Reynolds Cos. for an undisclosed amount. There are no immediate plans for the remaining land in Etkin’s portfolio, but the firm “sees the 6201 parcel as a strategic opportunity for additional tenant amenities,” according to a statement.

Demolition work is currently underway at the 6150 Lookout Road building, also known as Lookout Business Center. Etkin’s plans for the property include the removal of offices to provide an open, flexible floor plan, new interior and exterior paint, installation of glass overhead doors, and more.

“With its superior access to the Diagonal Highway and proximity to Greater Boulder, Lookout Business Center is an ideal location for a wide range of users,” said Conn. “Boulder continually proves itself to be one of the most desired markets in the area and our team has the opportunity to realize significant value creation in a market it knows intimately.”

San Diego-based Qualcomm announced in July that it would cut 15 percent of its global workforce. Around 158 workers in Gunbarrel were terminated in November as part of the cuts.

Accurence to return to CTC with 17,940-sf build-to-suit

As Seen In The Colorado Real Estate Journal – May 4-17, 2016

Accurence will occupy a build-to-suit at the Colorado Tech Center that’s scheduled to be completed in February 2017.

A software company founded in the Colorado Technology Center in Louisville will move to its own facility there next year.

Etkin Johnson Real Estate Partners will develop a 17,940-square-foot build-to-suit for Accurence, which develops inspection software for homeowner insurance claims. The building will be located on 2.38 acres at 305 S. Arthur Ave.

“We are very pleased to be developing a build-to-suit facility for this growing company,” said Ryan Good, Etkin Johnson executive vice president and partner. “We’re excited for the opportunity to deliver Accurence a modern building that meets their specific needs and seamlessly reflects their culture and brand.”

Accurence, which currently occupies space at CirclePoint Corporate Center in Westminster, will relocate when the building is completed in mid-February 2017.

“This project is a significant step for Accurence and comes at a time when the company is seeing its fastest growth,” said Accurence President Jake Labrie.

Accurence develops and maintains mobile and desktop roofing software applications for insurance carriers and roofing contractors nationwide. The new facility will serve as its sole operations center, housing 59 employees with room for growth the company anticipates in coming years.

“The new facility will have a great impact on the team and company. There is already excitement internally, and being able to define the space and incorporate company cultural elements is a great opportunity. We think this will help us attract great talent – a priority for any software company in today’s market,” Labrie said.

The building will contain an open office area, modern presentation conference room, private huddle rooms and approximately 1,500 sf of warehouse space. There will be a spacious kitchen with two glass roll-up doors that will open to one of the office’s two outdoor patios, capitalizing on views of the Flatirons.

“Accurence was founded in the Colorado Technology Center. Moving back after six years to build a facility in the business park just seems right,” said Labrie. “The early team really enjoyed the Coal Creek Trail, Old Town Louisville, Lafayette and the mountain views. The growth in the park and surrounding areas have only made the location better.”

Dean Callan & Co. Senior Associate Hunter Barto represented Accurence in the transaction.

“The high-quality, single-story flex product that Etkin Johnson had been delivering to the CTC was very appealing to Accurence,” said Barto. “This particular site was a perfect fit in terms of what it could accommodate. This will really be a signature building and a great way to mark Accurence’s return to the CTC.”

Elizabeth Cox, Etkin Johnson construction manager, is overseeing construction of the building. Ware Malcomb is the architect.