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The new 210,000-square-feet, Class A office development will deliver secure ready sites for the aerospace and defense industry and is the largest speculative project to break ground in over 10 years in Colorado Springs, according to Newmark Research. The property will showcase four new single-story office buildings, featuring efficient full-floor and multi-tenant configurations with dedicated entries, building signage, loading docks, 4.5 spaces per 1,000 square feet parking ratio, and secured satellite area. Building plans for the new development include 50,000 square feet at Building 1; 40,000 square feet at Building 2; 60,000 square feet at Building 3 and 60,000 square feet at Building 4.
"Flywheel's extensive experience owning commercial real estate in the Colorado Springs market informed our decisions around this speculative project, in terms of both timing and demand," said John Fefley, Senior Director at Flywheel. "The aerospace and defense industries generate an annual economic impact of more than $7 billion in Colorado Springs* and, though those industries are not the exclusive target for this project, the campus will provide the most up-to-date building technology and systems while providing the closest available leasing opportunities to both Peterson and Schriever Air Force Bases."
Newmark's Executive Managing Director Kenton Mau, Managing Director Brian Wagner and Director Mark O'Donnell are the exclusive leasing agents; Alcorn Construction and Colarelli Construction are the general contractors and Intergroup Architects is the project architect.
"Alcorn Construction is proud to partner with Flywheel Capital, Colarelli Construction, Newmark, Intergroup Architects and the Colorado Springs Airport to bring 50,000-square-feet of new space to the Colorado Springs area with Building 1 of Peak Technology Campus," stated Chris Alcorn, President of Alcorn Construction. "The combined experience of the entire team will ensure a successful project and build momentum in an area of Colorado Springs that will continue to grow."
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"Peak Technology Campus will address the market's demand for efficient and secure space in the continually growing technology and defense sectors in the Colorado Springs market," stated Brian Wagner. "The development delivers considerable tenant value in terms of both employer attraction of top talent as well as the combination of amenities, access and expanding residential offerings within minutes from the property."
The site is proximate to multi-modal transportation, situated at the entry to Colorado Springs Airport, with easy access to Peterson and Schriever Air Force Bases, and Interstate 25 via Milton E. Proby Parkway. Peak Innovation Park includes Northrop Grumman, Aerospace (under construction on a $100 million expansion) and Amazon (under construction on a 4 million-square-foot facility). Peak Technology Campus is located within the Colorado Springs Region Opportunity Zone, Pikes Peak Enterprise Zone and Commercial Aeronautical Zone (CAZ) which can provide companies with various tax incentives tied to overall employment levels and/or job creation.
"This addition to Peak Innovation Park will provide additional jobs in the area and spur economic growth for the southeast corridor of Colorado Springs," said Greg Phillips, Aviation Director of the Colorado Springs Airport. "I'm proud of the partnership between the Airport team, Flywheel Capital, and Urban Frontier, the Airport's master developer of Peak Innovation Park."
*Aerospace & Defense. (2021, March 11). Colorado Springs Chamber & EDC. https://coloradospringschamberedc.com/key-industries/aerospace-defense/
About Flywheel Capital, LLC
Flywheel Capital is a Denver, Colorado based, privately held commercial real estate investment company with a focus on creating value by sourcing and managing value add and stabilized asset across multiple property types. Flywheel's strategic thesis lies in opportunistic or hidden-value assets that have long-term upside and that are well located with solid current cash flow. Flywheel's primary focus is in the Denver Metropolitan Area and in Colorado's Front Range. To Learn more, visit flywheelcap.com or on Flywheel's LinkedIn.
About Alcorn Construction, Inc.
Alcorn Construction is an award-winning general contractor specializing in relationship-based commercial office, light industrial, retail, multi-family, and senior living projects in the Denver Metro Area and along Colorado's Front Range by Building with the Power of Partnership. The company lives by its mission to be a world-class construction company with a culture that secures its future by being a place where great people love to work and, in turn, customers are delighted. Learn more about Alcorn Construction's focus on people, process, and partnership at https://www.alcornci.com/.
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About the Colorado Springs Airport
Colorado Springs Airport's small size means small commutes, small lines and small waits. It means friendliness, safety and comfort. It also means you don't have to give up the big options of having direct flights to major hubs. For more information visit www.FlyCOS.com, like us on Facebook, follow us on Twitter and Instagram.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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