Colorado-Real-Estate-Journal_352917

Page 8 - July 19-August 1, 2023 www.crej.com F rom the constructionof tene- ments in the 1800s to thehigh- rise steeland concrete luxury residential towersbuilt today, for-renthousinghas comea longway.Butone constant is the useofwood tobuild rentalhous- ing.Over theyears,architectsand engineershavepushed the limitsof whatwood cando,and theadoption of the 2015 InternationalBuilding Codeallows this to continue. Not everyone ishappy though. Therehasbeen some recentback- lashabout thenumberof four-and continueddemand forhousing,esca- lating construction pricesand theabil- ity toachieve even higherdensities under the recent IBC,wedon’tantic- ipate thenumber ofnewwood-frame buildingsadded to theDenver land- scapewilldimin- ish. Themost sig- ability todesignapodiumbuilding basedon theoverallbuildingheight. Podiumbuildingswillno longer be restricted toonlyone levelof podium structurebelow thepodium deck. This givesdesigners theability to designa seven-story,midrisebuild- ingwith five levelsofwood-frame constructionover two levelsof con- cretepodium –allabove grade.With thisadditionalabove-grade levelof concrete, the flexibilityandoppor- tunities to increasedensity, reduce costorbothbecomepossible. outof the ground to save the costof building subterranean,which is typi- cal in traditionalpodiumdesigns. Anotheroptionwouldbe to leave the subterraneanparking,which allowsanadditional levelof residen- tialunitswithin the concretepor- tionof the structure, thus increasing density.Bothoptionswill change how thedesignworldand residen- tialdevelopers lookat thepotential ofa site. When evaluatinganapartment site,adeveloper typically considers fourwood-frameapartmentdesigns: Photography©BradNicol The2015 InternationalBuildingCodeofferswood-frame construction theability todesignapodiumbuildingbasedon theoverallbuildingheight.Podiumbuildingswillno longerbe restricted to only one level of podium structure below the podium deck. October 2015 New wood-frame codes allow for more flexibility NathanSciarra, AIA Studio director, KTGYArchitecture + Planning,Denver 1536 Cole Blvd., Building 4, Suite 300, Lakewood, CO 80401 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 jstern@crej.com All rights reserved. No part of this publication may be stored, reproduced, or transmitted in any form or by any means without the publisher’s prior written permission. All contributed articles published in the Colorado Real Estate Journal represent solely the individual opinions of the writers, and not those of the Colorado Real Estate Journal. REPORT AN ERROR IMMEDIATELY (ISSN 1060-4383) Vol. 32 No. 14 www.crej.com EDITORIAL CONSULTANT: Jill Jamieson-Nichols PRODUCTION/GRAPHIC DESIGN: Heather Lewis ext.108 hlewis@crej.com CREJ CONFERENCE SERIES: Jon Stern ext.101 jstern@crej.com ADVERTISING: Lori Golightly ext.102 lgolightly@crej.com CUSTOMER SERVICE: Jolene Wollett ext.103 jwollett@crej.com EDITORIAL Avalon Jacka, Reporter Sales, Lease and New Development Projects: Office, Industrial, Multifamily, Retail, Health Care, Senior Housing, Hotel, Land Finance Transactions ext.107, ajacka@crej.com Kris Stern Associate Quarterlies Publisher: Office & Industrial Properties, Retail Properties, Multifamily Properties, Property Management, Health Care, Senior & Life Sciences Editor: Construction, Design & Engineering News; Property Management News; Who’s News; and Expert Articles, including Law, Accounting and Finance Publisher: Building Dialogue ext. 109, kostern@crej.com MARKETING Lori Golightly, Director of Client Services Advertising: Print & Digital Conferences: Exhibitor/Sponsor Information ext. 102, lgolightly@crej.com Office by Avalon Jacka LITTLETON – A boutique, national construction firm pur- chased a building for its new Colo- rado headquarters. W.E. O’Neil Construction pur- chased an office building, located at 5800 S. Nevada St., for $5.6 mil- lion. The firm will move into the facility later this year and is cur- rently offering its Denver location at 227-229 Vallejo St. for sale or lease. R.C. Myles of Thrive Commer- cial Group and Craig Myles of NAI Shames Makovsky represented W.E. O’Neil in the transaction. The seller, The South Nevada LLC, was represented by Jeff Wood and Monica Wiley of CBRE and Kyle Benson of Sessions Group. The asset was formerly a single- level industrial building that the seller restored in 2016. Aspects of the building’s former uses make for a unique office space, including a ceiling height of 30 feet in some places, exposed steel I-beams, and polished concrete flooring. The property includes numer- ous perimeter offices, several conference rooms and built-in cabinetry in the library, reception, copy rooms and kitchen. There is also a private attached garage with approximately 15 spaces and remote door access for employees. W.E. O’Neil is a nearly-100-year- old general contracting firm headquartered in Chicago, with locations in Arizona, California, Colorado, Illinois, Tennessee and Texas. s W.E. O’Neil Construction buys new Colorado headquarters by Avalon Jacka ENGLEWOOD – A national health care company renewed its lease at its Denver Tech Cen- ter location. Kaiser Permanente extend- ed its lease term at One and Two Greenwood Plaza for nearly 121,000 square feet in the Class A office campus. Kai- ser is the anchor tenant in the two-building property, which totals more than 197,000 sf. Franklin Street Proper- ties owns the property locat- ed at 6550 and 6560 Green- wood Plaza Blvd. Ryan Stout, Nathan Bradley, Zachary Williams and Kiley Crews of Cushman & Wakefield repre- sented Franklin Street Proper- ties. Patrick Bolick and Kurt Liss of JLL represented Kaiser in the renewal. One and Two Greenwood Plaza, completed in 2000, are situated on the southwest edge of the Denver Tech Center. The 8-acre project features a three- story office building (One) and a five-story office building (Two) joined by a five-story glass atrium and common area. The property also includes a four-level tenant parking garage with key card access to three entrances. Located adjacent to the Vil- lage Center light-rail station, the property provides easy access to the Interstate 25 corri- dor. The campus is surrounded by dining, entertainment and retail. Cushman & Wakefield is also actively marketing all 69,180 sf of One Greenwood Plaza for lease. s Kaiser Permanente extends lease on 121,000 sf in DTC KaiserPermanentewillremainananchortenantofOneandTwoGreenwood Plaza following its lease renewal. rooms, and pre- and post-op areas. The facilities are fully leased by six leading health care providers, including an ambulatory surgery center and a bariatric surgeon, as well as imaging, spine, orthope- dics, anesthesia and dermatol- ogy practices. The tenants have an average remaining least term of nine years, according to Anto- nio Minchella, senior managing director, Medical Office, of Kayne Anderson Real Estate. “With average annual net oper- ating income growth of 3%, the assets will deliver a steady, predict- able and growing income stream,” Minchella said in a statement. “This acquisition gives us the opportunity to invest in a strong, highly coveted market with excel- lent demographics,” Joe Maglio- chetti , chief investment officer of Remedy, said in a statement. “The Denver area is one of America’s fastest growing regions. There are almost 234,000 residents within a 5-mile radius of this property, and the population is forecasted to grow 3.4% between 2022 and 2027, compared to only 1.2% for the United States as a whole.” Remedy Medical Properties is a full-service health care real estate company, which owns more than 28 million sf in 25 offices in 43 states. Kayne Anderson Real Estate specializes in investments in medical office, senior hous- ing, off-campus student housing, multifamily housing and self- storage. s Remedy Continued from Page 6