John W. Madden, Jr. Photo by Scottie Iverson
Schnitzer West, one of the West Coast’s fastest-growing real estate investment, development and property management companies, announced Sept. 13 that it has formed a joint venture with the John Madden Company to own and manage three buildings in Greenwood Village. The office space includes the Palazzo Verdi, and Fiddler’s Green I and II buildings in the Fiddler’s Green Core Plus with 726,742 square-feet of leased office space.
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.
Constructed in 2008, Palazzo Verdi is a 312,049-square-foot, 15-story office building; Fiddler’s Green 1, 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.
The joint venture expands Schnitzer West’s footprint in the Denver commercial real estate market which recently opened Civica Cherry Creek, a seven-story boutique office building in the Cherry Creek neighborhood.
Over the last six decades, the John Madden Company has
developed more than 10 million square feet of office and related space nationally and manage more than 700,000 square feet of office space in the Denver area. John Madden Company is a pioneer of commercial development in the Denver area. Since the company’s inception in the 1960s, it has been proudly family-owned and operated.
“[These buildings are] emblematic of the distinctive architecture, thoughtful master planning and commitment to innovation and sustainability that defines the John Madden Company’s properties,” Dan Ivanoff, founding partner of Schnitzer West said. “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 property 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.
“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 60 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,” said Doug Zabel, investment partner for Schnitzer West.
The John Madden Company is headquartered in Greenwood Plaza, a nationally acclaimed business park created by the company in Greenwood Village. Greenwood Plaza offers completely integrated real estate services, including land acquisition, asset management, project management, brokerage and leasing, tenant finish, construction management, and property management in the Denver area.
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