Colorado Real Estate Journal -

Paychex assembles 54,540 square feet at Gateway Park

by Jill Jamieson-Nichols

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A payroll services company with a presence in Gateway Park will consolidate its Denver offices there.

Paychex Inc. signed a seven year lease for 54,540 square feet of single-story office space at 4300 Kittredege St. in Denver.

The space will house its offices currently located next door as well as related operations now housed in the Two Gateway Centre office building and in the Denver Tech Center, said Newmark Knight Frank Frederick Ross Co. broker Keith Krombach, who represented the tenant.

Krombach said Paychex likes Gateway Park, a 1,200-acre mixed-use development in Denver and Aurora, and wanted to stay there. It also has a preference for single-story space, not just in Denver, but also across the country.

“They liked the single story and having everybody in the same building,” Krombach said.

“We’re happy to have kept them within Gateway Park,” said Charlie Alexander of The Pauls Corp., developer of Gateway Park. Alexander represented the owner in the transaction.

The 62,972-sf building that Paychex will occupy was just recently vacated by Lockheed Martin.

Based in Rochester, N.Y., Paychex has more than 100 locations across the country, according to its website.

Other News

Rocky Mountain Capital Partners purchased Dakota Ridge Commons, a 5,200-square foot property at 13984 W. Bowles Ave. in Littleton, for $1.03 million, or $198 per sf.

“The building is well-constructed and has a lot of appeal, both on the interior and exterior,” said Greg Titus of Pinnacle Real Estate Advisors LLC, who represented the buyer. The buyer is a user that acquired the property with a U.S. Small Business Administration loan.

It will occupy approximately 80 percent of the space. A bank leases the remaining space.

Terry Matthews of Cassidy Turley Fuller Real Estate represented the seller, 13984 LLC. A three-story office building at 3600 S. Beeler St. in Denver sold for $924,500, or $50.12 per sf.

The new owner, John Henebry, will occupy a suite in the building. He plans a number of capital improvements to the property over the next six to 12 months.

The three-story, Class B building totals 18,437 sf and was built in 1979.

Jeremiah Maupin of John Propp Commercial Group represented the seller, Herbert Linn Inc. n Trinity Place, a 17-story office building across from the Brown Palace hotel at Broadway and East 18th Avenue in downtown Denver, recently underwent an extensive lobby renovation that included new flooring, wall surfaces, lighting, an electronic directory, flat-screen TV, elevator lobby fishiness and furniture – as well as a one-of-akind photographic print of Wilson Peak from world-renowned nature photographer Thomas D.

Mangelsen.

Robert Jacobs, chief investment officer of The Broe Group, which owns Trinity Place, encourages people to view the Mangelsen print, “The Dawn of Autumn,” which consists of three 12-by-9-foot panels.

“Seeing that Mangelsen print every time I walk through the lobby of Trinity Place is a reminder that Colorado is a great place to live and do business,” former Colorado Gov. Bill Owens said in a press release. Owens recently relocated his company, Renew Strategies, which specializes in providing water to municipalities and industries, to 2,413 sf in Trinity Place.

The 188,411-sf building has 70,597 sf available that is being marketed by Newmark Knight Frank Frederick Ross brokers Pete Staab and Judson Robertson. Asking rates are $20 to $22 per sf full-service.

The National Trust for Historic Preservation and seven other nonprofit organizations recently unveiled the rehabilitated historic Emerson School in Denver’s Capitol Hill neighborhood as a new nonprofit center housing historic preservation and natural resource conservation organizations.

The 1885 school recently underwent a $3.2 million “green rehabilitation” that included installation of a geothermal heating and cooling system, new high-efficiency lighting and the restoration of more than 200 original window sashes. The improvements reduce energy consumption at the school by 50 percent.

In addition to the National Trust, rehabilitation team members included St. Charles Town Co., SlaterPaull Architects Inc.

Rassbach Architecture Inc., Spectrum General Contractors and Rogers and Sons Inc., HVAC contractors.

One Beacon Insurance Co. leased 13,224 sf of office space at 188 Inverness Drive W., Suite 600 in Englewood.

Eric Gold of Sheldon-Gold Realty Inc. represented the tenant.

Paragon 28, a medical device sales company, leased 7,840 sf of office space at 4B Inverness Court East, Suite 210, in Englewood.

Matt Call of NavPoint Real Estate Group represented the tenant. Byron Johnson of NAI Shames Makovsky represented the landlord, Inverness 4B LLC.