Real Estate & Construction  October 13, 2006

Greeley Building offers low-vacancy investment

GREELEY – One of Greeley’s most valuable historic treasures, the 111-year-old Greeley Building that successfully holds up against the rising tide of office vacancies in downtown Greeley, is on the market.

And the building’s owners say leasing interest in the Greeley Building and in Chase Plaza, the seven-story monument in downtown Greeley, demonstrates that not all is lost in the central Greeley office market.

“There has been this trend to move out to the west side, but at the same time we’re seeing tenants who are coming back downtown,´ said Drew Notestine, a partner in Thomas & Tyler LLC, owners of both the Greeley Building and Chase Plaza. “Downtown still offers a unique niche for people who want to be in that environment.”

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Built in 1895 as Greeley High School, the imposing red-brick building at 710 11th Ave. is listed for $2,475,000, a price that works out to $49.50 per square foot for its 50,000 square feet of space.

Through its incarnations as a school, then a city-owned senior center and recreation center, and its current use as a haven for small-space office users, the Greeley Building has a history of continuous use.

Long-term leases and low turnover have made it an anomaly in an office environment that has recently showed signs of erosion, with prominent lawyers, accountants and other professional office users heading westward for new, class-A space.

The three-dozen tenants in the Greeley Building include small alternative-medicine practices, lone-eagle law offices, and nonprofit groups attracted to the building’s low lease rates, some below $10 per square foot.

Anchor tenants include North Range Behavioral Health, a county mental-health service provider with about 4,000 square feet of space, and the national headquarters of the Fellowship of Catholic University Students, best known by its FOCUS acronym.

A FOCUS spokeswoman said low rent for their 3,500-square-foot office suite and easy access to St. Peter’s Catholic Church and the University of Northern Colorado were deciding factors in locating at the Greeley Building.

“It really is a unique building,” Notestine said. “It has been full, for the most part, with just a little bit of turnover.”

In fact, the only space available in the building is a two-room office suite with about 350 square feet of space.

Notestine said demand for space in Chase Plaza, at Seventh Street and Ninth Avenue, was also an encouraging sign for downtown. In fact, Thomas & Tyler will vacate its own space in the Chase building, moving a block south to the Home Light & Power Building, to accommodate another user at Chase.

“We’re just about full at Chase,” Notestine said. “By the end of the year, we’ll be full.”

GREELEY – One of Greeley’s most valuable historic treasures, the 111-year-old Greeley Building that successfully holds up against the rising tide of office vacancies in downtown Greeley, is on the market.

And the building’s owners say leasing interest in the Greeley Building and in Chase Plaza, the seven-story monument in downtown Greeley, demonstrates that not all is lost in the central Greeley office market.

“There has been this trend to move out to the west side, but at the same time we’re seeing tenants who are coming back downtown,´ said Drew Notestine, a partner in Thomas & Tyler LLC, owners of both…

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