Denver CBD Gets Boost From Familiar Tenant
18 Aug, 2005, Denver, CO
TIAA-CREF Expands Presence in Marquee Downtown Property
TIAA-CREF, the financial services organization and leading provider of retirement security in the academic, medical and cultural fields, has signed a long-term lease at 1670 Broadway, expanding the group's presence in one of Denver's marquee downtown properties to approximately 320,000 square feet. Nathan Johnson and Phil Ruschmeyer of The Frederick Ross Company represented TIAA-CREF in the negotiations, while Nicholas Pavlakovich of Cushman & Wakefield of Colorado, Inc. represented the property owner, 1670 Broadway Investors, LLC.
"This leasing deal reflects TIAA-CREF's long-term commitment to the Denver community," said Edward Van Dolsen, TIAA-CREF vice president of product management in Denver. "It is a flexible arrangement that will enhance our ability to serve those who advance the greater good by bringing 1,300 of our Denver-based employees under one roof."
1670 Broadway is a 36-story class-A high-rise built in the uptown sector of the Denver CBD in 1980 with a total of 697,200 rentable square feet. TIAA-CREF will continue to be the largest tenant in the building.
"TIAA-CREF's decision to maintain their Denver Central Business District presence is confirmation of downtown Denver's ability to recruit and retain a workforce from across the metropolitan area. This was a complicated transaction that took a couple of years to craft," said Mr. Pavlakovich. "The ownership of 1670 Broadway is extremely pleased to continue its strong relationship with TIAA-CREF."
TIAA-CREF has strong ties to Colorado and the Denver area. In 1918, Colorado College in Colorado Springs, a founding member of the organization, became the first institution to make a premium payment. The Denver office, one of the organization's three major operational centers, was established in 1988. Today, TIAA-CREF serves more than 85,000 Coloradoans and 200 Colorado employers.
TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields. With more than $350 billion in combined assets under management (6/30/05), TIAA-CREF is ranked one of Fortune magazine's 100 largest U.S. companies (April 2005). Further information can be found at www.tiaa-cref.org
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
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