Progressive joins Offices at Victory Ridge development

Progressive Casualty Insurance Co. signed an 18,089-square-foot lease at The Offices at Victory Ridge, a two-building, 145,053-sf office and retail development at 10855 Hidden Pool Heights.

The first Class A speculative office development in more than a decade in Colorado Springs now has its first tenant.

Progressive Casualty Insurance Co. signed an 18,089-square-foot lease at The Offices at Victory Ridge, a two-building, 145,053-sf office and retail development at 10855 Hidden Pool Heights.

“The Offices at Victory Ridge is the first Class A speculative office development in Colorado Springs in over a decade, and securing a commitment of this caliber predelivery is a major win for the project and the market overall. The leasing of this space to a high-profile tenant proves there is demand for new, quality product,” said Brad T. Bird of CBRE’s Colorado Springs office.

Bird and John Marold of CBRE’s Denver office represented the landlord, Mission Hill Capital, led by Jecoah Byrnes, who is better known for his medical developments across the country.

Howard Watkins in Transwestern’s Dallas office represented the tenant. Terms of the lease were not disclosed.

Located off Interstate 25 and Interquest Parkway, The Offices at Victory Ridge is located to the east of the Icon Cinema – Colorado’s largest movie screen – at the Victory Ridge mixed-use development. Victory Ridge also is the site of In-N-Out Burger’s first Colorado retail location and new distribution facility, as well as 221 townhomes, medical office space, at least one hotel and a number of other restaurants and retailers.

The Offices at Victory Ridge features space from 1,330 sf to more than 100,000 sf of contiguous space. The project is designed with dedicated garage parking, expansive windows with Front Range views, third- and fourth-floor balconies and first-floor patio spaces.

While Progressive is the first tenant to ink a lease at the building, there are currently several requests for proposals CBRE is working with.

The Offices at Victory Ridge also could include around 20,000 sf of retail in the four-story building and between 7,000 and 15,000 sf of retail in the two-story building.

Progressive, which has additional office space in northern Colorado Springs, is expected to take occupancy in August.

Featured in CREJ’s February 19-March 3, 2020, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…