One Union
Project Name:
One Union Square, 143 Union Boulevard aka The Wells Fargo Building
Location:
SWC of Union Boulevard and Second Avenue, Lakewood, CO
Description:
185,000 SF 10-story Class A- office building in the Union Boulevard submarket, 1 mile south of 6th Avenue and adjacent to the Federal Center and the future light rail stop
SelectedTenants:
Wells Fargo (16,000 SF), GEA Power Systems and Weston Solutions (both are 18,500 SF full floor tenants), Aardex Corporation, (developer of the Signature Center at Denver West, 9,500 SF) – 22 tenants total
Value in 2001:
$17.3 million
Value in 2007:
$25.9 million (sale price) – 6.2% capitalization rate
Highlights:
Repositioned Class B-/C+ asset to Class A- asset by improving market and tenant perception.
- Upgraded physical asset to increase tenant satisfaction. Renovated main lobby, common areas, and bathroom finishes. Upgraded mechanical system reliability.
- Improved occupancy by developing and leveraging relationships with outside brokers and with key tenant decision makers.
- Amended Official Development Plan (ODP) with new Comprehensive Sign Plan for entire 22-acre site. Forged consensus regarding plan with Lakewood Planning Department and seven (7) other property owners within the One Union Square office park.
