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October of 2001, subsequently leasing the property to the engineering firm of Stone & Webster. RREEF Funds
sold the building to Marc Realty for $23 million, or $178.99 per square foot. (Denver Post, 2/11/2003) (80112)
· Faegre & Benson, Denver's fourth largest law firm, leased 72,200 square feet in the Wells Fargo Center at 1700
Lincoln Street in downtown Denver. The firm will move from smaller quarters in the Republic Plaza building. Fae-
gre & Benson will occupy three floors in the Wells Fargo Center on an eleven-year lease with options to almost
double its space as needed. (Rocky Mountain News, 2/20/2003) (80203)
· A subsidiary of Xcel Energy is moving its headquarters from Minneapolis to Denver by June. Utility Engineering
Corporation leased 66,863 square feet of former Qwest Communications space in the Park Central building at
1515 Arapahoe Street in downtown Denver. An undetermined small number of headquarters jobs will be trans-
ferred to Denver and about 170 local employees will also move into the space. Utility Engineering provides ser-
vices for electric generating plants for various utilities including Xcel. (Rocky Mountain News, 2/27/2003)
(80202)
· The Wheat Ridge City Council approved a request from Exempla Lutheran Medical Center to construct a 63,000
square foot medical office building on its campus. The two-story building will be located on Lutheran Parkway
north of West 32
nd
Avenue. The hospital plans to begin construction by June. (Wheat Ridge Transcript,
2/13/2003) (80033)
· The law firm of Hall & Evans will move from the Tabor Center to smaller quarters in the Bank One building at
1125 17
th
Street in downtown Denver. The firm currently leases about 63,000 square feet but will occupy only
about 40,000 square when it relocates in June. The 75-year old firm is one of Denver's largest law practices.
(Rocky Mountain News, 2/6/2003) (80202)
· Radiology Imaging Associates, a partnership of over 45 local radiologists, leased 32,791 square feet of office
space at the Dry Creek Corporate Center, 10700 East Geddes Avenue in Centennial. Dry Creek Corporate Cen-
ter is a development of CarrAmerica Realty. (Rocky Mountain News, 2/25/2003) (80112)
· An investment partnership acquired The Greens at Meridian, a 30,000 square foot office building at 9605 King-
ston Court in northern Douglas County. The building, formerly the headquarters of ICG Communications, was
purchased last year by an affiliate of Millennium Realty Advisors, which in turn sold the building and its furnish-
ings to Meridian Kings LLC for $2,150,000, or $71.67 per square foot. Partners in Meridian Kings LLC include
the principals of Richey May & Company, Business Genetics and Intermountain Business Administrators, which
will occupy about 60% of the building. (Colorado Real Estate Journal, 2/19/2003) (80012)
· Medical Express subleased 30,000 square feet of office space from Sun Microsystems in Westminster. The
company, which recruits and places medical support staff, will relocate from smaller quarters in Louisville into
vacant Sun Microsystems space in the Westmoor Technology Park on West 108
th
Avenue south of the Jefferson
County Airport. Medical Express, a subsidiary of AMN Healthcare Services of San Diego, also holds options for
potential future expansion into other vacant Sun Microsystems space at Westmoor. (Boulder Daily Camera,
2/21/2003) (80021)
Shopping Centers/Retail
· The retail market softened only slightly during 2002, according to a yearend report by Frederick Ross Company.
The vacancy rate in metro Denver for shopping centers and retail space was 8.8% at yearend 2002, up from
8.6% at the end of 2001. Net absorption during 2002 was over 4.1 million square feet. The vacancy rate climbed
slightly due to the completion of 4.8 million square feet last year, including the new Colorado Mills mall in Lake-
wood. Currently developers are building 2,610,801 square feet of retail space. (Frederick Ross Company,
2/1/2003)
· The owners of two parcels comprising the Alameda Square shopping center in west Denver agreed to sell the
February 2003
The Real Estate Perspective
James Real Estate Services, Inc.
Past Month's Real Estate Perspective Entries
(Continued)
