U.S. Bank targets former Arrow campus for expansion

7459 S. Lima St. and 79 Inverness Drive East
U.S. Bank will occupy the former Arrow Electronics buildings in Inverness Business Park in Englewood.

U.S. Bank is on target for expansion in the Denver area after acquiring a pair of former Arrow Electronics buildings for $17.75 million.

Arrow sold the buildings at 7459 S. Lima St. and 79 Inverness Drive East in Englewood within days of relocating to its new headquarters in Centennial. U.S. Bank will move more than 400 employees to the campus and plans to hire an additional 300, according to an announcement.

“U.S. Bank has strong roots in Denver, dating back to before Colorado was officially a state,” Hassan Salem, market president for U.S. Bank in Colorado, said in the statement. “We believe in the quality of the Denver workforce, the strength of this state’s economy and our ability to continue to earn trust in this great state. This expansion allows us to build upon the faith our customers have in us to deliver a great experience.”

The buildings, 65,700 and 49,500 square feet, were built for Arrow Electronics in 1999.

U.S. Bank bought them fully furnished and “in excellent condition,” said Newmark Knight Frank Executive Managing Director Jason Addlesperger, who said there was very strong interest in the campus.

“We had a lot of interest from tenants to lease it, users to buy it, and several investor offers as well because of the large parking ratio, and it was very, very well maintained by Arrow Electronics,” said Addlesperger, who represented Arrow Electronics with David Lee, also an executive managing director at NKF. The buildings were remodeled within the last two years.

“We were able to sell the buildings within a week or two after they moved out,” he said.

In addition to a 6.5:1,000 parking ratio, the campus has heavy power and data capability, a full kitchen and cafeteria, coffee bars, a fitness center and a conference/training facility for up to 400 people.

Jason Sheehy of Colliers International, who assisted Colliers’ Irvine, California, office in representing U.S. Bank, said the property’s condition and location in Inverness Business Park were appealing.

“We were committed to locating a space that would bring us together, be conveniently located for our staff and provide amenities that boost comfort and productivity. We believe we’ve achieved that and look forward to settling into the new offices,” Salem said.

U.S. Bank will increase its workforce starting in October. Employees working in a corporate office in Centennial will begin transitioning to the new campus at the end of the year.

Arapahoe County, the Denver South Economic Development Partnership and the Metro Denver Economic Development Corp. supported U.S. Bank in its efforts to acquire the property.

Featured in CREJ’s Aug. 2-15, 2017, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…