Health care REIT could establish corporate HQ in region

DENVER — A California-based health care-focused real estate investment trust could open a new corporate headquarters in the Denver metro area and bring with it 166 extremely high paying jobs.

An unnamed REIT was approved Thursday by the Colorado Economic Development Commission for a nearly $5.3-million tax incentive package in hopes of luring the firm to the Centennial State.

It is the commission’s practice not to identify companies that the Colorado Office of Economic Development and International Trade is recruiting until incentives are accepted. That acceptance process often takes six month to a year.

Known only as “Project Pegasus,” the REIT focuses on biotechnology laboratories and other types of medical real estate.

The firm is looking to establish its headquarters in the Denver metro but has not yet identified a specific county, OEDIT deputy director Michelle Hadwiger said. OEDIT considers Broomfield and Boulder counties part of the metro area, which is competing with Nashville and Dallas for the project. 

The average annual salary of the 166 jobs — with roles spread across executives, vice presidents, directors, associates, and assistants — is $425,213.

“This project would bring a large number of exceptionally high paying positions to Colorado’s economy and add a significant employment footprint to Colorado’s growing financial services sector,” Hadwiger said. “By adding these positions to Colorado’s high skill, financial services talent pool, this project would pave the way for additional growth opportunities in the financial services sector by making Colorado more competitive nationally from a financial services talent perspective.”

Because REITs pass along most of their revenue to shareholders and don’t pay traditional income taxes, the firm may not be able to take full advantage of the incentive package.

“It’s possible that the company can change its structure in the future,” therefore the firm has still applied for the package, Hadwiger said.

While the state won’t identify the company behind “Project Pegasus,” there’s reason to speculate the firm could be Irvine, California-based REIT Healthpeak Properties Inc.

Company representative Jim Croy spoke briefly during Thursday’s EDC meeting. Croy is Healthpeak’s senior vice president of leasing, according to the company’s organizational chart.

“We’re very interested in Colorado,” he said. It’s a beautiful state. It’s a much better location than where we currently are in California and closer to our markets.”

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DENVER — A California-based health care-focused real estate investment trust could open a new corporate headquarters in the Denver metro area and bring with it 166 extremely high paying jobs.

An unnamed REIT was approved Thursday by the Colorado Economic Development Commission for a nearly $5.3-million tax incentive package in hopes of luring the firm to the Centennial State.

It is the commission’s practice not to identify companies that the Colorado Office of Economic Development and International Trade is recruiting until incentives are accepted. That acceptance process often takes six month to a year.

Known only as “Project Pegasus,” the REIT focuses on biotechnology laboratories and other types of medical real estate.

The firm is looking to establish its headquarters in the Denver metro but has not yet identified a specific county, OEDIT deputy director Michelle Hadwiger said. OEDIT considers Broomfield and Boulder counties part of the metro area, which is competing with Nashville and Dallas for the project. 

The average annual salary of the 166 jobs — with roles spread across executives, vice presidents, directors, associates, and assistants — is $425,213.

“This project would bring a large number of exceptionally high paying positions to Colorado’s economy and add a significant employment footprint to Colorado’s growing financial services sector,” Hadwiger said. “By adding these positions to Colorado’s high skill, financial services talent pool, this project would pave the way for additional growth opportunities in the financial services sector by making Colorado more competitive nationally from a financial services talent perspective.”

Because REITs pass along most of their…