ASB and Lincoln Ink 156,000 Square Feet in New Leases at Colorado Center Tower 3
Cigna Relocating Regional Headquarters
DENVER — April 19, 2018
ASB Real Estate Investments (ASB) and Lincoln Property Company announced today that Cigna, the global insurer and health service company, has signed a 135,800-square-foot lease for its regional headquarters in the recently completed Tower 3 at Colorado Center. The Cigna transaction follows the law firm Ogletree, Deakins, Nash, Smoak & Stewart also agreeing to lease 19,900 square feet in the building, which was completed in summer 2017.
Developed in a joint venture between Lincoln and ASB, Tower 3 is a 227,000-square-foot, eight-story LEED Silver office building above a six-story garage podium with ground floor retail space. It comprises the latest phase of Colorado Center, which features Dave & Busters, a United Artists IMAX theater, and a total of 720,000 square feet of Class A office space, among the three towers. The Colorado Station stop of the RTD light rail system—serving the E, F, and H lines—is located on the site at the intersection of I-25 and Colorado Boulevard.
Lincoln and ASB also announced a plan to construct a 12,000-square-foot “Food Hall” addition to Colorado Center’s retail space, which will comprise 11 vendor stations for local chef-driven concepts, a live performance venue, and an outdoor plaza with construction completion scheduled for early next year.
Relocating more than 1,000 employees, Cigna will occupy five full floors in Tower 3, taking advantage of large, 27,000-square-foot floor plates with high ceilings and floor-to-ceiling glass windows which have sweeping views of the Rocky Mountains and Denver skyline. Tower 3 also has an expansive 5,300-square-foot roof-top terrace for company functions and employee use.
John Roble, President of Cigna’s Mountain States Market, said: “Our new home at Colorado Center is a significant investment in our Colorado workforce and affirmation of our continued momentum in the Mountain States region. Colorado Center is a fantastic 21st century facility that will provide collaborative workspaces and first rate amenities that will enable our employees to better serve our clients and customers. We look forward to working with Lincoln Property and ASB to complete the final design and buildout as we head toward an early 2019 move in.”
Scott Caldwell, Senior Vice President of Lincoln Property Company Denver, said: “Both Cigna and Ogletree Deakins were attracted to Colorado Center by our central location, mass transit options, and cutting-edge design, not to mention the new Food Hall amenity, which taken all together will provide their employees with one of the most desirable work environments in the entire Denver market.”
Robert Bellinger, ASB President and CEO, said: “ASB invests in property assets in major U.S. urban sub-markets where blue-chip businesses and their employees are moving and will want to stay over long-term investment holding periods. In Denver where mass transit access has become an increasingly important attribute, Colorado Center is meeting our expectations for becoming such a high value location and the city’s premier transit-oriented development. In addition, Tower 3’s LEED design, high-quality features, and superior amenities have made for an extremely successful project with anticipated staying power.”
ASB invests in Colorado Center on behalf of its Allegiance Fund, a $7.4 billion core vehicle.
Discover more about Colorado Center at www.livecoloradocenter.com.
About Lincoln Property Company
Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,500 people. Since its inception in 1965, Lincoln has developed over 125 million square feet of office, industrial, and retail projects, and currently manages over 145,000 multifamily units. Acquisition activities exceed $7.5 billion in commercial properties over the last 15 years. Also a leader in owned and fee management, Lincoln currently manages over 150 million square feet of commercial property. For more information on the Denver office of Lincoln Property Company, please visit www.lpcdenver.com.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.7 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.
*as of December 31, 2017
The information provided in this release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.