Developers plan for 1M sf of office space at Peña Station Next project
National commercial development and investment company KDC entered a partnership with master developer L.C. Fulenwider Inc. to build more than 1 million square feet of build-to-suit office space at the Peña Station Next project, a 220-acre, mixed-use, master planned community adjacent to the Denver International Airport.
The transit-oriented project was co-developed by L.C. Fulenwider Inc. and DEN Real Estate, a division of Denver International Airport. Currently, the development is home to Panasonic CityNow and more than 200 multifamily housing units as well as a 226-room Hyatt Place Hotel. In addition, hundreds of multifamily units are planned for the community along with development opportunities for a variety of office, retail, health and wellness, hospitality and entertainment spaces.
Located at the first transit station out of DEN off of Peña Boulevard, transportation to and from the community is convenient for commuters, being just 12 minutes by train to DEN and less than 30 minutes to downtown Denver. According to L.C. Fulenwider Inc., the development’s retail and corporate centers also will benefit from Peña Boulevard’s average traffic count of more than 100,000 vehicles.
“Peña Station Next is the great activator for the metro Denver region’s economic expansion. Leveraging our highly educated workforce, proximity to DEN, connection to a robust mass transit system and forward-thinking development planning, Peña Station Next creates a destination for people and businesses to locate and thrive in one of the nation’s leading economies,” said Sam Bailey of the Metro Denver Economic Development Corp.
“This project and location are perfectly situated to deliver what corporations are looking for – transit-oriented, mixed-use and walkable,” Chris Selbo of KDC added. “Peña Station Next offers a wide range of build-to-suit site options for stand-alone campuses.”
Previously, KDC worked on corporate build-to-suit campus projects for national companies, including JPMorgan Chase, Uber, State Farm and Toyota North America. The developer will work with Tom Lee and David Hart of Newmark Knight Frank to market the build-to-suit offices. Hart anticipates tenant interest from across the county, saying national tenants will find the development’s single-tenant, customizable, large campus options attractive, especially in light of COVID-19.
KDC also will work with HKS Architects on the master planning and building design for the office property. While the Peña Station Next project is ongoing, a completion date for the office property is dependent on leasing and market conditions.
Featured in the September 2-15, 2020, issue of CREJ