Colorado-Based Software Company Signs Lease at Vista 25 At Arapahoe Station in Greenwood Village
In one of the largest direct lease transactions signed so far this year in Southeast Denver, Harbor Associates has signed Colorado-based enterprise software pioneer Nextworld to a long-term lease for 53,546 square feet at Vista 25 at Arapahoe Station (“Vista 25”) in Greenwood Village.
Under the terms of the lease Nextworld will establish its new corporate headquarters at a previously vacant two-story building at 8200 E. Maplewood Avenue, one of three, low-rise commercial office buildings totaling 198,419 square feet comprising Vista 25. Located on an 8.67-acre site with nearly 400 feet of frontage along Interstate 25, Vista 25 is within walking distance of the Village Center Light Rail Station which provides direct access to Downtown Denver.
With a portfolio of more than four million square feet of office, flex and retail properties, including three recently renovated historic buildings in downtown Denver (The Vault, The George and Capitol Center) Harbor Associates acquired the high visibility campus in 2019 in a joint venture with Blue Vista Capital Management. Since completing a multimillion capital improvement program in early 2020, the joint venture has increased occupancy from 29 percent to 67 percent, with plans to stabilize the campus within the next 12 months. Improvements to the 8.67-acre property included upgrades to the façade and landscaping, newly renovated and modernized lobbies, tenant lounge, outdoor break and seating area, and a brand-new Class A fitness center and conference facility. Other tenants include HomeSmart, JLL and Dewberry.
The move to Vista 25 is a relocation and expansion of Nextworld’s existing operations. Nextworld was considering relocation options in Texas and Florida before signing the lease at Vista 25. The new headquarters building is expected to serve as the hub for more than 300 new Colorado jobs, according to the Colorado Office of Economic Development and International Trade.
“Nextworld’s decision to remain in Colorado and establish its new headquarters here at Vista 25, is further evidence of Denver’s ability to both retain and attract world class businesses who want to benefit from the area’s quality of life, expansive talent pool and lower-cost of living,” said Harbor Associates Principal Joon Choi.
Doug Wulf, Dan Miller and Andrew McCabe with Cushman & Wakefield in Denver represented the Landlord and Lee Diamond of CBRE represented the Tenant.
Harbor Associates is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver.