DENVER — Northstar Commercial Partners has signed a long-term lease agreement with Pax8, a leading internet distribution company, for 74,068 square feet of space at Northstar’s 5500 South Quebec building in the Tech Center.
Pax8 will fill the majority of the property’s entire remaining vacancy. Northstar acquired the asset in 2015 when it was expected that the building’s prior major tenant CoBank would be vacating the space for new office space. After the occupancy decreased to approximately 20 percent, Northstar signed other quality long term tenants including Air Methods and Circle K Convenience Stores.
“The work that Pax8 is doing is incredibly needed and innovative to today’s market – we are thrilled to welcome them and to provide quality office space for their needs and employees,” expressed Brian Watson, founder and chairman of Northstar. “The Pax8 team is providing inventive and unique digital solutions to create a better future. This lease will not only provide the right space for hundreds of jobs, but will additionally allow for continued opportunities and a growing market through the work Pax8 is doing.”
The lease is expected to create more than $16 million of value.
“Northstar extends a heartfelt thank you to its broker representatives Cushman and Wakefield’s Doug Wulf, executive managing director, Dan Miller, managing director, and Andrew McCabe, as well as the tenant’s broker Jamie Gard Kent Mau of NGKF, for their exceptional expertise and help in consummating this important deal,” Watson added.
Pax8 is a driving leader in internet circulation, providing digital solutions by connecting multiple vendors to implement a variety of different services. Pax8 has earned hearty endorsements from leading companies around the country, including NexGen’s Best in Show two years in a row, Biggest Buzz at IT Nation, CRN’s Coolest Cloud Vendor, Best in Show at two consecutive XChange conferences, HTG’s Rookie of the Year, and more.
Photo courtesy of 42Floors.com
