Schnitzer West Forms Joint Venture with John Madden Company
DENVER – Schnitzer West, one of the West Coast’s fastest-growing real estate investment, development and property management companies, has formed a joint venture with Colorado commercial developer John Madden Company, to own and manage a three-building, 726,742 square-foot, 100 percent leased, Class A office portfolio in Greenwood Village.
The joint venture includes the award-winning Palazzo Verdi, and Fiddler’s Green I and II buildings in the Fiddler’s Green Core Plus office portfolio and expands Schnitzer West’s footprint in the Denver commercial real estate market. Schnitzer West developed the recently opened Civica Cherry Creek, a seven-story boutique office building in the Cherry Creek neighborhood that is expected to be fully leased by the end of the year.
“This portfolio is emblematic of the distinctive architecture, thoughtful master planning and commitment to innovation and sustainability that defines the John Madden Company’s properties,” shared Dan Ivanoff, founding partner of Schnitzer West. “The coming together of these two brands is a natural alignment as both companies are known for their best-in-class developments, dedication to quality environments which are operated with a premium focus on customer service. We look forward to continuing our strategic investment in the Denver area.”
The portfolio is part of the greater Denver southeast suburban (SES) submarket, Denver’s largest office market. The SES contains more than 30 million square feet of office space and is home to the region’s largest concentration of corporate headquarters, including seven of the state’s nine Fortune 500 headquarters. With the acquisition of these properties, Schnitzer West now owns and/or manages more than roughly 1.4 million square feet of office space and adds to Schnitzer West’s regional development pipeline totaling approximately 1.6 million square feet in the Denver area.
Constructed in 2008, Palazzo Verdi is a 312,049-square-foot, 15-story office building; Fiddler’s Green I, built in 1999, is a 207,520-square-foot, six-story office building; and Fiddler’s Green II, built in 2001, is a 207,173 square-foot, six-story office building.
Developed by The John Madden Company, the three properties feature state-of-the-art systems built with sustainability at their cores, on-site amenities and efficient floor plates. The buildings include high-quality interior and exterior finishes, such as polished black granite stone flooring, floor-to-ceiling murals, 60-foot-high ceilings, and ornamental lighting fixtures. In addition to providing superior transportation access with conveniently located light rail and bus stations, the portfolio is located just off I-25, providing exceptional visibility to the over 230,000 vehicles a day.
“Given Schnitzer West’s expertise and reputation in developing and managing best-in-class properties in Seattle and Denver and the company’s focus on expanding its investment in the Denver area, we are thrilled with their decision to become a part of this great portfolio,” said John Madden, founder, chairman and president of the John Madden Company. “We believe Schnitzer West will extend and reinforce the quality and values the John Madden Company has established over the past sixty years.”
“Denver’s southeast region has grown significantly and its combined highly-educated workforce, convenient public transportation hubs and nearby executive housing bases have made it an attractive compelling alternative to Denver’s central business district,” added Doug Zabel, investment partner for Schnitzer West.