Denver Tenants Lining Up for Waterpark@Briarwood Space

DENVER-Bedford Property Investors Inc.’s Waterpark@Briarwood office campus isn’t even completely finished and it is almost fully leased. There are letters of intent outstanding for the remaining 78,281 sf, says Bill Trinen, the Cushman Realty Corp. broker who is listing the project. The property is the site of a former water park in the city’s southeast corridor.

So far, five tenants have leased a total of 205,543 sf, Trinen says. The projects consists of a one-story building and two, two-story buildings.

“It’s amazing how fast they are filling up,” Trinen tells GlobeSt.com. “We have more tenants interested in the remaining space than we have space available.”

Lease rates average $15.51 per sf, triple net. In addition, he anticipates about $5.50 in charges for the space. “That puts us anywhere from $2 to $5 lower than other class-A space in the area,” Trinen says.

Arrow Electronics has signed the largest lease, taking 50,988 sf in the two-story Building 2. Arrow, the world’s largest distributor of electronic goods, recently has paid $10 million for land across the street from Waterpark@Briarwood.

Jack Henry & Associates Inc., a provider of integrated computer systems and services for banks and other financial institutions, is leasing 15,362 sf, also in Building 2. CB Richard Ellis has acted as cooperating broker in the deal.

In Building 1, Navigant International Inc., a travel service giant, has signed for 18,295 sf, with Cushman & Wakefield of Colorado Inc. acting on the tenant’s behalf. Another 11,110 sf in Building 1 has been leased by Trendwest, which sells time-shares in the mountains. Trendwest has been represented by CB Richard Ellis. Arapahoe County will occupy 29,400 sf in Building 4 in a deal brokered by Inverness Properties.