Prime West Initiates $14-Mil, 125,000-SF Office Project

WESTMINSTER, CO-Denver-based Prime West has broken ground on two office buildings, projected to cost $14 million, across from the 1.8 million-sf Avaya Inc. campus in Westminster.

Westminster-based Voyant Technologies, a leader in the voice and Web-based conferencing business, has signed a five-year lease for the larger building. Voyant’s 85,000-sf lease more than doubles its existing space that is being subleased from telecommunications Global Crossings in a building across the street from Prime West’s development at W. 121st Avenue and Pecos Street. The second building has 40,000-sf and is a pure spec building.

“It wasn’t planned as a build-to-suit, but as a spec building,” Stephen Clarke, Prime West president and CEO, told GlobeSt.com. “But because they’re taking the whole building, it’s almost a build-to-suit. We’re doing some tenant finish work for them to meet their needs, but still it’s generic enough that it would remain suitable for another company.”

Clarke says its location across from Avaya – a spin-off from Lucent Technologies – makes the area attractive to high-tech and telecommunications companies that want to be near the US 36 corridor – Denver’s version of Silicon Valley – but at far lower lease rates. The NorthRidge Business Park, where Prime West buildings will be located, has triple net rate leases starting around $13.50 per sf. By contrast, rates along the nearby US 36 corridor range from about $15 to more than $21, he says.