Maxar Technologies

1300 W 120th Ave, Denver, CO, 80234-2726, US

Description

Jones Lang LaSalle, Inc. (“JLL”), as exclusive advisor, is pleased to present the Maxar Technologies Headquarters (the “Property” or the “Asset”), a landmark and iconic asset in Denver’s Northern Suburbs.

Maxar Technologies is a space technology company specializing in geospatial intelligence, Earth observation, and on-orbit satellite servicing and satellite products. Maxar’s predecessor, DigitalGlobe, signed a 201-month triple net lease that commenced October 13, 2013.

Designed by world-renowned architect, Kevin Roche, and originally built for Avaya, the Property has significant infrastructure and power that Maxar relies on. With the lack of true alternatives of size, scale and functionality, the 1300 120th Avenue opportunity is a compelling opportunity to realize a healthy current yield with long term tenancy potential.

With five years remaining on the original term of the lease and a 21-month notification period for tenant’s intent to renew, the Asset presents a strong covered land play. The 32-acre site is currently zoned for industrial and could accommodate approximately 470,000 SF of industrial development. Furthermore, the site’s potential as a multifamily, residential, or mixed-use development site is equally as strong, assuming a re-entitlement process.

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Attributes

Building area net

536,641 sf

Land area net

31.97 acres

Occupancy

100%

Remaining lease term

5 years

Number of floors

Year built

1999

Tenants

Single Tenant

Media

Investment Highlights

$40M in Contractual Cash Flow: There are 56 months remaining on the original 201-month lease term as of December 1, 2025, which equates to $39,946,340 in NOI.
A Landmark Asset: A distinct and recognizable asset providing a strong identity to users along a heavily traveled arterial in Denver’s North Suburbs.
Massive Discount to Replacement Cost: It is expected that the Property’s current market value will be significantly below what it would cost to replace, which JLL estimates to be over $600/sf. The corresponding replacement rent at market returns would require $48 NNN or higher lease rates, nearly 2.5x Maxar’s current lease rate.
Covered Land Play and a Compelling Location for Future Redevelopment: 32-acres with frontage on 120th Avenue between Pecos Street and Huron Street, and less than a quarter mile from Interstate 25, the Property’s development potential for industrial or residential significantly enhances the residual value.
Limited Development and Large Block Availability Supports Strong Renewal Probability: Currently, there are no contiguous blocks of direct space available in the North and Northwest Denver Submarkets that are over 180,000 SF.