As Seen In The Denver Business Journal – March 10, 2015

1900 Taylor Ave Construction

Six new leases were recently signed at the Colorado Technology Center in Louisville, totaling more than 310,000 square feet.

Six new leases at the Colorado Technology Center in Louisville mean that 310,702 square feet of office space will be occupied by companies either new to the park or expanding facilities there.

The largest lease brings Fenix Outdoor Imports LLC to a new flex industrial building at 1900 Taylor Ave. Fenix Outdoor Imports is leasing 136,701 square feet, relocating its operations from Boulder. Flex industrial buildings are those that can have office uses incorporated in addition to traditional industrial uses, such as warehouse space.

WhiteWave Foods Co. (NYSE: WWAV), which said in November that it would open a food research center in 50,000 square feet at 1900 Cherry St., has decided to lease the remaining space in that building, bringing its total footprint to 66,350 square feet. The 1900 Cherry property began construction as a speculative property, but is now fully leased.

The other new leases are:

51,974 square feet by Graphic Packaging International at 1795 Dogwood St.
20,933 square feet by Lifetime Fitness at 1795 Dogwood St.
19,386 square feet by World Triathalon Corp. at 1795 Dogwood St., also a relocation from Boulder
15,358 square feet by Medtronic Navigation at 1480 Arthur Ave., an addition to its current 40,657 square feet in the building

The trend of relocating from Boulder to Louisville and environs is growing, said Ryan Good, executive vice president and partner at Etkin Johnson Real Estate Partners, which owns all of the properties that were leased.

“Companies looking to expand in Boulder are having a difficult time finding industrial space that meets their requirements,” Good said. “Low supply, high lease rates and few development opportunities are prompting businesses to relocate to surrounding areas and CTC has proven to be the ideal solution.”

Etkin Johnson owns 10 properties in the Colorado Tech Center, which are now 100 percent occupied.

“The growth we’re seeing in the northwest corridor is significant,” Good said. “Two of the properties just leased, 1900 Cherry and 1900 Taylor, were the first speculative industrial properties built in the submarket since the economic downturn. We were able to secure major tenants who have fully leased both buildings before either property was completely developed. The demand for Class A space is evident and we plan to continue delivering it within the region.”

Etkin Johnson is now building a 59,137-square-foot speculative flex industrial building at 1960 Cherry St. Delivery is planned in the third quarter.

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