Tenant Improvement: Moody Insurance
Aug 11, 2022
The Tenant
Based in the Rocky Mountain region, Moody Insurance has served the businesses and communities of Colorado for 50 years. A team of professionals provides a variety of specialized risk management solutions, insurance, bonding, employee benefits, and personal lines and prides themselves on, “Providing peace of mind.” This family-owned insurance agency was founded in 1972 and moved into Stanford I in 2010, 11 years before Alturas Capital Partners acquired the property in 2021.
The Project
In June of 2021, this project began as a result of a lease renewal. Moody Insurance has been at Stanford I for 12 years but had concerns about the space being outdated and lacking certain features. They agreed to renew their lease for another six years when Alturas Capital Partners gave them the opportunity to update their space to cater to their employees and create the aesthetic that they wanted for their business and customers.
The Process
Prior to the renovation, Moody Insurance’s office was described as a “1990s legal office with lots of wood.” Their space needed some new features, including a break room for employees and new conference rooms, because they were such a long-term tenant. They also added modern elements to the space to make it more modern and better reflect the company to clients who visited the space.
Manufacturing delays made the project last much longer than anticipated. Alturas Capital Partners worked with TI Construction on this project. Typically, year-long projects like this one come with frustration and conflict. However, because of the contractors that partnered on the project, everyone involved was able to have needs met and benefitted from open communication. The contractor was assertive and easy to work with, making this project move faster than it would have with a different contractor.
The Result
The project was completed in July of 2022. The space now has a bright new employee break room, beautiful modern wood accents, modern fold doors that separate a conference room from the break room and much more. This project is an example of Alturas Capital Partners’ approach to partnerships. Rather than losing that tenant after the lease expired, Alturas Capital Partners found a way to meet the needs of the tenant and keep them in that space. Long-term tenants like Moody are vital to Alturas Capital Partners and provide stability to the portfolio. Contractors are also valued partners that make a difference in how the company can execute projects effectively.
Troy Moody, Chief Operating Officer of Moody Insurance said, “Through renewing our lease with Alturas Capital Partners, Moody Insurance was able update its workspace to handle the modern workforce. The project was well supported by building management and their strong relationship with the general contractor and our real estate broker. We couldn’t be happier with the finished work in this space.”
Tanya Pomirchy, property manager of Stanford I said, “This was my first project with Stanford I when I started this role. Without the collaboration of both the tenant and contractor partners, the entire process would have looked very different. There were several manufacturing delays on both shipping and communication that were unavoidable. The flexibility of the tenant and communication of our contractor kept this project together and running smoothly the entire time.”
About Alturas Capital Partners
Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. The company has been built on long-term partnerships with investors, brokers, and tenants, and its mission is to provide value to these partners. The company acquired its first property in 2015 and has grown significantly to approximately $500 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the Western United States.