TROY, Mich., July 14, 2005 (PRIMEZONE) -- The Hayman Company announced Monday that it acquired the 411,000 square foot Triad office property located in the Denver suburb of Greenwood Village.
The Troy, Michigan-based Hayman Company plans to renovate and reposition the 30 year-old office property to its former status. The property is directly across I-25 from the Denver Tech Center.
"This is an outstanding property with a unique location because it is located in the Greenwood Village/Denver Tech Center area adjacent to the rail station for the new mass transit system (TREX) which is being built along I-25. We believe that this property and the Denver office market are well positioned for an office market recovery," says Andrew E. Hayman, Executive Vice President of The Hayman Company.
The Hayman Company will begin an approximate $2 million renovation to the property which will include exterior and interior common area improvements. Some of these improvements include lobby and hallway upgrades, elevator lobbies, entryway upgrades and a new signage package. In addition, new tenant finish standards are being developed to compete with those of newer Class A buildings, without raising rents to Class A levels. The Denver-based McDermott Company has been retained to develop the renovation program.
The Hayman Company is one of the nations largest privately owned real estate companies providing management, leasing, brokerage, advisory and real estate accounting services to the institutional and private investors. In addition, The Hayman Company owns and manages apartments, office, retail and hotels throughout the United States. The Hayman Company was founded in 1965.