Level 3 Communications | Headquarters

Property Description

Level 3 Communications ("Tenant") leases 100% of the 166,708 SF Class "A", six-story office property known as ParkRidge One (the "Property"). The Tenant is a wholly-owned subsidiary of tw telecom inc. ("Company"), which is the third largest provider of business ethernet in the nation, delivering managed data, internet and networking solutions to businesses across 30 states. The Tenant has occupied portions of the Property since 2000 as their corporate headquarters, and expanded their footprint to fully occupy the Property in 2011 by executing a lease amendment for the entire premises that extends their lease term through 2024. The lease is full-service gross with no contraction or termination options and the landlord is responsible for all replacement costs related to the foundation, HVAC, roof, and structural elements of the Property.

Business Essential Attributes

The Property is critical to the Tenant's operations as it is the headquarters location. The functions performed on-site include, but are not limited to, executive management positions, information technology, human resources, sales, accounting and engineering. The Company is currently relocating their critical National Operations Center and Customer Call Center to the neighboring ParkRidge Six building, evidencing their long-term commitment to the ParkRidge Corporate Center. The Property is located in Southeast Denver and is adjacent to the Interstate 25, which is the main north-south freeway connecting the area. The high-quality of life and highly rated school system serve as excellent locational attributes and recruiting tools to attract the highly educated, skilled labor force that tw telecom requires.

Additional Property Information

On June 16, 2014 it was announced that Level 3 Communications ("L-3") is under contract to acquire the Company and the transaction is scheduled to be consummated by year-end 2014.  tw telecom and L-3 provide complementary, not competitive products, and the transaction is viewed positively by the debt and equity markets. As a result, it is our belief that the transaction will benefit tw telecom and allow it to grow. Located in Southeast Denver, the location enjoys a deep base of corporate tenancy and is home to several Fortune 500 companies including Exxon, Charles Schwab and DISH Network.  The Submarket is also one of the healthiest in the Denver MSA, experiencing positive net absorption of 977,000 SF in 2013 and ending 2013 with vacancy rate of less than 10% for Class A buildings.

Level 3 Communications | Headquarters

Lone Tree, Colorado


Property Type: Class A Office
Square Footage: 166,708

Lease Expiration: 
June 30, 2024 (10 years remaining, as of July 1, 2014)
Renewal Option(s):
Two (2) five (5)-year options at Fair Market Value
Avg. Rent Increase(s):
1.35% per annum   
Tenant: Level 3 Communications 
Website: www.level3.com