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Ultra Petroleum moves headquarters to Inverness from Houston


Ultra Petroleum Corp., a struggling oil and gas exploration company, recently announced that it is moving its headquarters from Houston to the Denver area.

Later this year, Ultra Petroleum, which trades on NASDQ under the symbol UPL, will close its Houston office and most likely move to an existing building in the Inverness Business Park where it already has a presence.

Ultra Petroleum, which emerged from the Chapter 11 bankruptcy reorganization just over a year ago, is currently leasing space at 116 Inverness Drive East.

“Our Denver area office has long served as a hub for our operations, with more than 65 employees,” the company said in a press release last month.

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“Consolidating our operations in Houston and Denver into one office allows us to better focus and save money as we seek increased shareholder value,” added Brad Johnson, senior vice president of operations for Ultra Petroleum.

Ultra Oil

Ultra Petroleum moves its headquarters from Houston to the Denver area.

Ultra Petroleum did not respond to questions from Rebchook Real Estate Corner. But according to an SEC filing last month, 14 people work in its Houston office.

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Although this is a small move, it’s always nice to have another head office company in the Denver area.

Of course, Ultra Petroleum, which recently had a market cap of $ 385.23 million, is a fraction of the size of Chipotle Mexican Grill, which has a market capitalization of around $ 12 billion and employs around 400 people in Denver. . Chipotle made headlines when it announced last month that it was moving its headquarters to Newport Beach, California.

Yet Ultra Petroleum has not always been so small.

In fact, the company’s shares have been on a roller coaster ride over the past year or so, that is, the roller coaster has mostly gone down. (Disclosure: Coincidentally, I own a few shares of UPL.)

As of this writing at the end of May, Ultra Petroleum stock is at its lowest level in 52 weeks at $ 1.54 per share. Since then, his stock has hovered around $ 2. Over the past year, his stock has reached $ 12.39. Indeed, a year ago, its market capitalization was just under $ 2.3 billion.

Oddly, United Petroleum’s stock price slumped last month after posting what appeared to be a strong year-over-year performance.

Ultra Petroleum reported net income of $ 47.5 million, or 24 cents per share, compared to a loss of $ 89.7 million (a loss of $ 1.12 per share) in the first quarter of 2017.

Ultra Petroleum also reported total first quarter revenue of $ 225.4 million, up 2% from $ 221 million in the first quarter of 2017.

The company also has a P / E of 1.05, compared to an average P / E ratio of around 22.5 for oil and gas stocks. A low P / E is often used to identify value stocks versus growth stocks.

Ultra Petroleum also has an operating profit of 44.6%. While it has been said a lot recently that the Denver Post has an operating margin of 17%, Ultra Petroleum demonstrates that operating margin is only a measure and that a high margin does not necessarily equal at a high value for investors.

Ultra Oil

Ultra Petroleum, which plans to move its headquarters to the Denver area this fall, is drilling in Wyoming and Utah.

Exxon Mobil, the world’s largest oil and gas company, has an operating margin of around 5% and its shares have significantly outperformed Ultra Petroleum.

In fact, Ultra Petroleum also did not benefit this year from oil prices which topped $ 70, the highest level they have seen in about three years, as a recent Wall article pointed out. Street Journal. Indeed, Ultra Petroleum has tracked the overall energy sector by 69% over the past three months.

Ultra Petroleum owns interests in approximately 112,000 gross acres in Wyoming and approximately 8,000 acres in the Uinta Basin in Utah.

Regarding the move to its headquarters from Houston, where the company was founded in 1979, interim CEO Bradley Johnson said on a conference call last month that the decision to relocate “is no big deal. something we take lightly “.

He praised the “very talented employees (in Houston) who have made a significant contribution to this company”.

Bradley said there are savings associated with closing the Houston office.

“But really, the driver wasn’t about it,” Bradley said. “It was about consolidating two offices into one in order to be more efficient and focused on our plan for the future. “

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BKM Capital buys flex park for $ 20.2 million in Inverness


BKM Capital Partners entered the Denver market with the $ 20.2 million acquisition of 215,268 square feet of flexible space in the Inverness Business Park.

The agreement included eight buildings at 14 Inverness Drive East in Englewood. The price, which works out to $ 93.84 per square foot, represents a 57% discount from the replacement cost, according to Brian Malliet, CEO of BKM Capital Partners.

BKM Capital Partners is an institutional fund manager specializing in value-added and multi-tenant investments in light industry.

“Denver is a dynamic market with strong fundamentals and tremendous growth potential,” Malliet said. “The property is located in the affluent Englewood neighborhood in the Southeast submarket, which is the largest in the Denver metro area. This gives access to a solid base of potential tenants in various industries.

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The property faces Inverness Golf Course and offers access to Interstate 25 via the County Line and Dry Creek roads, as well as E-470 access. It is 91 percent leased by 86 tenants with an average area of ​​approximately 2,750 square feet. Notable tenants include Conquest One, Canon Solutions America, Rethink Restoration Partners and Habitat Management Inc.

“This acquisition is well aligned with our ongoing investment strategy, which is to identify extremely well-located institutional grade industrial assets with an opportunity for added value,” said Malliet. “By leveraging our in-house management platform and our niche expertise in the multi-tenant industry, we will be able to rapidly improve assets and bring rents to market, generating strong returns for the multi-tenant industry. investors. “

BKM plans to invest nearly $ 2 million in improvements, including a new branding to reintroduce the asset to the market, as well as fresh paint, improved landscaping, aesthetic improvements to the lobby and signage, and various structural improvements, such as improved roofing, parking surfaces and HVAC.

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“There is an immediate opportunity to increase the NOI of this asset by leveraging the current demand from image-conscious tenants looking for a location close to key regional anchorages such as the Denver Tech Center.” said Brett Turner, director of acquisitions. “As we execute our strategy, we will be able to rapidly improve operational efficiency and maximize the value of this multi-tenant industrial asset. Going forward, we are looking for additional assets in Metro Denver to continue to create value and increase economies of scale. “

BKM, based in Newport Beach, California, purchased the Inverness asset from 14 Inverness Property LLC, a subsidiary of Centennial-based Global Pacific Properties. Newmark Knight Frank represented the vendor.

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CCIG will move its headquarters to Inverness


CCIG Insurance Brokerage has acquired an office building at Inverness Business Park in Englewood for its new headquarters.

CCIG has purchased 155 Inverness Drive West, a building of approximately 44,500 square feet, for $ 8.5 million and will be undertaking major renovations starting early next year. The current corporate headquarters are located in approximately 22,000 square feet in Greenwood Village.

CCIG is one of the largest independent personal and commercial insurance brokerages in Colorado. The new headquarters will adapt to the company’s continued growth and allow it to better serve its customers and the community, the company said.

CCIG plans to make a number of improvements to the property so that it provides an “efficient and exceptional environment” for its staff, with a sense of openness and hospitality with lots of glass, said CEO Brook Mahoney.

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“We’re going to make it a really good place to work with renovations everywhere and on the outside to make it attractive to the public,” he said.

Upgrades to the three-story building, built in 1995, will include new conference rooms, kitchens and break rooms. The planned move-in date is fall 2019. Close to 100 employees will work in the building, which occupies 3.58 acres of land.

AllHealth Network, formerly Arapahoe Mental Health Center, has sold 155 Inverness. He will continue to occupy the building until March 2019. At this point, he will vacate the top two floors and occupy the first floor with a three-year lease.

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The building is “perfectly suited” for CCIG, which will have signage on Interstate 25, and accessibility to the freeway and the Dry Creek light rail station, said Bill Woodward, director of Rise Commercial Real Estate Advisors.

“It’s wonderful real estate. It’s right on the freeway, and it’s a perfect size for them, ”said Woodward, who represented CCIG in the transaction.

“There will be a substantial renovation of the building inside and out, and it will be a great place to grow. The building should work for them for a long time.

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CCIG Insurance acquires Inverness Business Park building for $ 8.5 million


Arapahoe County

Property location: 155 Inverness Drive West, Englewood

Description of the property: 44,694 sf, three story office building, YOC 1995, glass curtains with aggregate siding panels and 178 parking spaces.

Land size: 3,854 acres, located near the Dry Creek and Interstate 25 interchange

Parking rate: 3.98: 1,000

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Sale price: $ 8.5M, or $ 190.18 per square foot

Reception number: D8015491

Closing Date: 02/15/2018

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Conceding : Arapahoe Mental Health Center, William Henricks, pres.

Beneficiary: Quadripoint LLLP, Spencer James Mahoney or Andrew Brookman Mahoney, gen. partners of CCIG Assurances, 303-799-0110

Funding: $ 9.2 million payable to First Western Trust Bank

Comments: CCIG Assurances, with 80 employees, will renovate and occupy this building. The building has a loading dock with a 10 ‘x 18’ dock door with trailer rollover. There is also a raised floor and there are two elevators in the building. Former headquarters of Arapahoe Mental Health Care, now AllHealth. There is a kitchen on each floor. See APN 2075-34-1-07-005.

Today’s roster is provided by John V. Winslow, President of Winslow Property Consultants. Winslow has over 40 years of experience in commercial real estate. He can be reached at 720-612-7878 or [email protected]

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Bona US moves to Denver Tech Center at the end of 2018


Aurora, CO, Feb. 13, 2018 (GLOBE NEWSWIRE) – Bona US, the global leader in parquet care and maintenance since 1919, has announced the relocation of its North American and South American headquarters to Denver Tech Center in Englewood, CO On December 18, 2017, the company completed the purchase of a single-storey building that will serve as a new office space, training center, and machinery maintenance facility. The move is expected to take place at the end of 2018.

Bona’s new Colorado office will be located at 24 Inverness Place East, Englewood, CO. With 74,209 square feet of space, the building is almost double the size of the company’s current Aurora facility. This increase in size favors the expansion objectives of the company. Starting in February 2018, the building will be renovated to create a modernized open floor plan. In addition, the space will house Bona’s largest machine training and maintenance center. Here, contractors will use industry-leading tools and techniques and learn about the latest innovations in hardwood floor care and maintenance.

Employees will benefit from the Inverness office location with easy access to two of Colorado’s major highways, the Denver light rail, and the shops and restaurants of the Park Meadows shopping district. The building itself will also offer amenities including an upgraded cafe, outdoor pavilion, and gym.

Bona senior vice president of sales and operations, Richard Goering stressed the importance of creating an atmosphere of collaboration. He cited the open floor plan and relaxed seating areas throughout the office as meeting points to increase communication and foster innovation.

“This new space will provide a welcoming environment where our employees can continue to deliver excellence to our continuously growing customer base of distributors, retailers, vendors and families. Our newly designed building will proudly display our Bona culture. We are excited to make this long term investment in the community we love, ”said Goering.

About Bona

Bona is an innovative and environmentally conscious company dedicated to creating beautiful floors since 1919. Bona US, BonaAB’s North American subsidiary in Malmö, Sweden, manufactures and distributes floor care products and of the House. The first in the industry to offer a complete system of water-based hardwood floor finishing and maintenance products certified for Indoor Air Quality by GREENGUARD, Bona products are available throughout the United States. United and Canada. From residue-free hardwood floor cleaners to a beautiful line of high-durability stains and finishes, consumers, distributors and contractors trust Bona. For more information, please contact Bona US at (800) 872-5515 or www.bona.com.

Attachments :

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/889f2381-3f3d-437f-8c96-0e3282bea36f

Attachments :

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/66cd202b-c010-4592-982c-e10dd1a5083a

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US bank targets expansion of old Arrow campus


US Bank is targeting expansion in the Denver area after acquiring a pair of old Arrow Electronics buildings for $ 17.75 million.

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

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

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

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The US bank bought them fully furnished and “in excellent condition,” said Jason Addlesperger, executive general manager of Newmark Knight Frank, who said there was tremendous interest in the campus.

“We had a lot of interest from tenants to rent it, users to buy it, and several investor offers also due to the large parking ratio, and it was very, very well maintained by Arrow Electronics “said Addlesperger, who represented Arrow. Electronics with David Lee, also Executive Managing Director of NKF. The buildings have been renovated over the past two years.

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

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In addition to a 6.5: 1000 parking ratio, the campus has a large power and data capacity, full kitchen and cafeteria, cafes, fitness and conference / training room for up to 400 people.

Jason Sheehy of Colliers International, who helped Colliers’ Irvine, Calif., Office represent the U.S. bank, said the condition and location of the property in Inverness Business Park is attractive.

“We are committed to finding a space that brings us together, is ideally located for our staff, and provides amenities that enhance comfort and productivity. We believe we have achieved this goal and look forward to moving into the new offices, ”said Salem.

The American bank will increase its staff from October. Employees working from a head office at Centennial will begin the transition 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 US Bank in its efforts to acquire the property.

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Inverness pioneer John O’Meara recalled at NAIOP meeting in Colorado


“There will never be a better day.”

The friends of the late John O’Meara just had to repeat this quote: “There will never be a better day”, and everyone knew exactly what they were talking about.

These seven words captured the spirit and dynamism of O’Meara. O’Meara, also known as ‘Mr. Inverness’, a pioneer of Inverness Business Park, passed away last June.

O’Meara was recalled by friends at a recent NAIOP Colorado reunion in a 7:08 minute video tribute. The awards attracted 450 leaders in the commercial real estate industry.

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Veteran commercial real estate broker Brad Neiman recalled how he once beat the Elephant Rock cycle race with O’Meara. They came to a turning point when they were able to either tackle the entire 100 mile course or cut it in half to 50 miles. Neiman eyed the darkening sky warily and decided it was not time to do the whole route.

O’Meara turned to another friend, Bob Moody, and said: “There will never be a better day.”

The sky was raging with hail and rain, and friends frequently had to take shelter from the storm.

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The phrase “There will never be a better day” has become a favorite quote from O’Meara’s friends. It also served as a shortcut for O’Meara’s positive attitude.

Neiman first met O’Meara in 1973 when O’Meara was an industrial broker in what was then known as Coldwell Banker Commercial Real Estate. They became quick friends and sometimes business partners.

For Peter Coakley, O’Meara was not only his friend but also his mentor, which gave him his start in real estate.

In 1981, O’Meara hired Coakley at the nascent Inverness business park.


John o’meara

“John put Inverness on the map,” Coakley told me last summer, shortly after O’Meara passed away. “The success of the Inverness Business Park is a testament to John more than anyone,” said Coakley, who at Opus Development Co., is now in charge of a massive 42-acre development along the South Corridor. east of Interstate 25 on land once owned by the late cable television pioneer Glenn Jones.

According to Moody, former director of legislative affairs for NAIOP Colorado, Inverness has become internationally known as an illustration of how to develop a mixed-use and planned business park with offices and industrial buildings.

“He was Mr. Inverness,” according to Moody.

But Inverness was not an overnight success.

“The brokers called us ‘Outverness’ because we were so far away,” O’Meara told the Rocky Mountain News in 2001. “Now we are in the heart of the Southeast Corridor.”

O’Meara not only made Inverness what it is today, but he did it with integrity.


The success of Inverness Business Park is in large part due to the efforts of the late John O’Meara.

When longtime developer John Shaw, now a real estate consultant, returned to Denver after a short stint in California, the first person he called was O’Meara.

When Shaw worked with George Wallace, the founder of the Denver Tech Center, he often fought over deals with O’Meara and often lost.

“I’m not sure I really need you,” O’Meara told Shaw. “While this is undoubtedly true, I really need you,” Shaw replied.

Over the next decade, they developed nine buildings together in Inverness, “all on a handshake”.

Neiman summed up O’Meara this way: “He was one of the good guys.”

And, for the hundreds of lives he’s touched, truly “There will never be a better day.”

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Englewood hotel changes course with rebranding and $ 15 million renovations


The Inverness hotel and conference center will be converted to the Hilton brand in March. (Courtesy of the Inverness Hotel)

The owners of an Englewood hotel are betting that $ 15 million in renovations and a shiny new name won’t leave any room empty for years to come.

The Inverness Hotel and Conference Center will change its name to the Hilton Denver Inverness hotel in March, in the hopes that the Hilton name will strengthen its presence for guests coming to Denver.

“The introduction of Hilton makes it much easier for out-of-town guests to access,” said Charlie Peck, president and chief operating officer of Silverwest Hotels, which purchased the hotel in November 2015. “C This is where we believe we have the potential to expand both the importance of the hotel and its reach in the market.

Denver-based Silverwest Hotels signed a franchise agreement with Hilton in 2015. Silverwest will continue to own and operate the hotel, using Two Roads Hospitality to provide daily service.

By retaining Two Roads, which operates hotels in eight countries, the hotel will retain its key staff in the transition to the Hilton brand, Peck said. Silverwest paid Hilton a license fee, came up with a long-term business plan, and also planned hotel upgrades in part to meet Hilton standards.

The Inverness Hotel, located at 200 Inverness Drive West, has 302 rooms and offers several dining options, a full-service spa, meeting and conference facilities, ballrooms and an 18-hole championship golf course .

Le hall de l'hôtel a été récemment rénové.  (Avec l'aimable autorisation de l'hôtel Inverness)</em

The hotel lobby has been recently renovated. (Courtesy of the Inverness Hotel)

Peck said the Inverness Hilton is the first of its brand on the Front Range to combine all of these amenities. Silverwest has two other Colorado hotels, in Silverthorne and in Basalt.

Since Hilton hotels are endorsed by many business travel programs, Peck said more out-of-town businessmen would view the Hilton Denver Inverness as an option for conferences and accommodation.

Along with the name change, the Inverness hotel is redesigning its look. Silverwest is redoing its four floors of guest rooms and two conference rooms in a series of renovations slated to end in April.

Exterior-themed designs and decorations are central to the upgrades, as Peck said it’s important that guests feel like they’re actually staying in Colorado. Headboards are cut in the shape of a mountain range, the color scheme is in earth tones, and rooms have dark wood furnishings.

Peck said another priority for the old hotel were technology upgrades, including faster WiFi service and improved smart TVs.

“Everything the guest sees and meets will be new and remade,” said Peck.

The Inverness Hotel, built in the early 1980s, was owned by Lowe Enterprises for 20 years before Silverwest bought it in 2015 for $ 58.3 million, according to county records. Peck said the hotel continues to be profitable.

“The hotel has been successful in the past due to the consistency of service and guest relations with the local community,” he said. “We are able to present the same client with a new hotel that is very familiar to them because people have not changed.

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Artis REIT and Trammell Crow will deliver a 120,000 square foot office building.


Companies looking to differentiate themselves on the southeast corridor of Interstate 25 will have a new option with a speculative 120,000 square foot office building expected to be delivered at the end of next year.

Artis REIT, advised by Marwest Enterprises, and Development Manager Trammell Crow Co. have started construction on a four-story Class A building at 169 Inverness Drive in Englewood.

“We believe its ease of access, high profile visibility and premium design will attract high quality tenants to the South Denver market,” said Philip Martens, executive vice president of Artis.

Located in Inverness Business Park, the site adjoins the AT&T building at 161 Inverness, which Artis REIT has owned since 2010.

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Through ownership of this property, Artis recognized the appeal that the sub-market of the southeastern suburbs – particularly the area south of Arapahoe Road – holds for corporate users, said Ann Sperling of Trammell Crow Co. Many regional and national headquarters have chosen the area to attract a talented workforce, she said.

“There are only dozens of tenants who have chosen this part of the south-eastern suburbs market. I think that’s what really motivated the development of this building.

“The ability to have a significant part of a building or an entire building, to have visibility and signage on the highway, to have a combination of structured and surface parking is very appealing,” Sperling said. .

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The building will check a lot of boxes for tenants, agreed CBRE’s John Marold, who, along with CBRE’s Joe Serieno, leases and markets the building.

Being south of Arapahoe Road, near the 470 bypass, allows employers to tap into a workforce stretching from the Parker area in the west to Highlands Ranch, as well as surrounding areas.

The site is located next to the Dry Creek Road interchange, the most underused interchange in the Southeastern suburbs, so it has quick access on and off I-25. he declares. There is a pedestrian bridge over the highway that connects to the Dry Creek light rail station.

A “cool” outdoor space with Wi-Fi will provide space for working and meeting outdoors, Marold said. The building will have 10-foot ceilings, an on-site fitness center with showers and changing rooms, and secure bicycle storage.

Tenants at 169 Inverness Drive will have immediate access to Vallagio’s shops, the Inverness hotel and conference center, as well as multiple trails and recreational opportunities.

Other office builds in the area are either big box products or multi-story products with structured parking where a 60,000-square-foot tenant would struggle to get the building’s signage, Marold said. “Yet at 60,000 square feet in our building, you are 50 percent of the building.”

Saunders Construction is the general contractor for 169 Inverness. Fentress Architects is the architect of the project.

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