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Cherry Creek Office Market Poised for Growth
1. Cherry Creek Commercial Real Estate Present and Future Radius Commercial 3033 E 1st Ave., Suite 515 Denver, Colorado 80206 www.radiuscre.com - Website www.theradiusinnercircle.com – Blog February 17, 2010 1
2. Firm Overview Radius Commercial Real Estate was founded in 2007 as a boutique commercial real estate firm to provide unbiased advisory services to its clients. The Firm specializes in tenant representation and development advisory services for mixed use, office and industrial projects. Radius’ principals have decades of experience and have completed assignments throughout the United States. The Firm’s professionals bring vision, expertise, creativity and guidance to every project and bring the best “real time” market data and decision support analytics to their clients in every commercial real estate transaction. 2
4. Tim CallahanPrincipal Tim Callahan is an eighteen year veteran of the commercial real estate community in Denver, Colorado. His work has involved corporate transactions on the national, regional and local levels. His services to clients include tenant representation, acquisition/disposition assignments and development. He is an advocate of “intelligent teaming”, providing the supporting resources from the architectural, construction, voice & data and furniture vendors to meet the individual needs of each client. Mr. Callahan’s professional experience includes six years with Frederick Ross Company in office leasing followed by tenure with the Galbreath Company prior to the company’s acquisition by LaSalle Partners (JLL), working on site acquisition and lease up of three office buildings totaling 132,000 square feet in Interlocken Advanced Technology Park on behalf of Panattoni-Catlin Properties. From 1997 to 2007, Callahan was a principal and one of the original founders of Bitzer Real Estate Partners /CORFAC International. His past clients include: Appian Ventures, Tendril Networks, Kiewit, Boston Market, SAFECO Insurance, American Express, Thompson Healthcare, Western Paper Distributors, Inc., Copan Systems and Bombardier/Learjet. Mr. Callahan started Radius Commercial in 2007 to provide an environment for successful entrepreneurial commercial practitioners capable of delivering best practices, real estate knowledge and integrity to their clients’ at the highest level. Radius seeks to provide the best possible solutions to our clients from the entire platform of commercial real estate services and vendors. Mr. Callahan is a graduate of Clarkson University in Potsdam, New York. Prior to moving to Denver, he was involved in real estate development, outdoor advertising and a commercial sign company as family-related businesses. 4
5. David H. Johnson, CCIMPrincipal David H. Johnson has over 20 years of national commercial real estate experience; he is an industry veteran that brings proven expertise to strategic real estate planning and deal structuring involving the acquisition, disposition, investment and development of commercial real estate. Mr. Johnson’s professional experience includes three years as the founder and president of Johnson Real Estate Advisors, Inc. (“JREA”), a commercial real estate advisory firm, which had offices in Denver and Tampa. Prior to starting JREA, Mr. Johnson was with the Denver office of Ernst & Young LLP, where he spent seven years in their national real estate advisory practice working on behalf of owners and users of commercial real estate. Throughout his career, Mr. Johnson has advised many well-known private and public companies as well as state and federal agencies, and has managed and completed transactions in excess of $1.0 billion. Mr. Johnson is a real estate advisor to the Colorado State Land Board, where he has focused on monetizing selected Denver metropolitan area infill land holdings via ground leasing and redevelopment. Mr. Johnson is a graduate of Franklin & Marshall College in Lancaster, PA and earned an MBA from the University of Colorado. He is a licensed real estate Broker in Colorado, Florida, New Mexico, Louisiana and Utah, and is a member of the national and international organization Certified Commercial Investment Manager (CCIM). Mr. Johnson is Board Member of Resource for Area Teachers (RAFT) and the Colorado Chapter of CCIM. 5
6. Elizabeth OsborneAnalyst/Market Research Elizabeth S. Osborne is an Analyst at Radius Commercial. Ms. Osborne joined Radius in May of 2009 and provides financial analysis, market research, and strategic real estate planning involving the acquisition, disposition, investment and development of commercial real estate. In 2008, Ms. Osborne worked as an intern with Kiawah Development Partners/ Kiawah Capital in Charleston, SC evaluating acquisition opportunities for the company. Her responsibilities included conducting financial due diligence and market research on prospective investment opportunities. Elizabeth began her career in real estate in 2007 as an intern at Regency Centers in Denver, a national retail real estate investment trust (REIT) traded on the NYSE: REG. At Regency, she conducted market research for the retail sector of the commercial real estate industry as well as lease analysis for 26 owned and managed properties across the Front Range. Elizabeth graduated cum laude from the College of Charleston with a double major in Economics and Finance, and a minor in Spanish in May 2008. Ms. Osborne is a licensed real estate broker in Colorado. 6
69. Comments / Q & A Cherry Creek Commercial Real Estate Present and Future 23
Editor's Notes
Radius includes Class A and B office buildings over 5,000 RSF in the Cherry Creek Submarket. Colorado Blvd East, University West, 6th Ave. North, Cherry Creek Drive South
We look at Real Property Records for each building which tells us the owner, the tax and assessment info, Recording Date sales price, Zoning etc.
We track the availability in each building and then calculate our own vacancy number. As you can see, we split up the availabilities into direct and sublease space (also retail where applicable). From a tenant perspective this building is 12.74% vacant, however from the Landlord’s perspective the building is only 3.81% vacant because the tenant listing the sublease space continues to be responsible for rent payments to Landlord whether or not they have filled the space.
Stacking Plan and Tenant Information list, we took the information out to use as an example.
Criteria: Existing Class A and B Office Buildings with RBA of 5,000SF and above
How can cherry creek compete in the market? With the majority of square footage rolling in 2010 (majority of leases rolling in 2012) what does the district need to do in order to retain existing and attract new tenants? Looking back at the challenges there is not a lot of A space available relative to A tenants. New Class development is hard to argue considering the amount of buildings that are trading below replacement cost. Maybe renovations, making existing buildings LEED certified etc. makes sense.