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Churchill Downs Incorporated to Lease Office Space for Corporate Staff at U of L's ShelbyHurst Office Campus
- Churchill Downs Corporate Staff to Locate at 600 North Hurstbourne in March 2012
- Additional Workspace Needed for Company’s Growing Louisville-based Workforce
- New Building a Joint Project of U of L Foundation and NTS Development Company
- Churchill Downs Racetrack Staff to Remain at 700 Central Avenue
Churchill Downs Incorporated (“CDI”) (NASDAQ: CHDN) today announced that it will lease office space for its corporate staff in a new leading-edge building, known as 600 North Hurstbourne, which is now under construction at the University of Louisville’s ShelbyHurst Office Campus in the east end of Jefferson County. The new building, located at 600 North Hurstbourne Parkway, is a joint development of the University of Louisville (“U of L”) Foundation and NTS Development Company.
CDI will lease the entire fourth floor of 600 North Hurstbourne, which will provide 33,172-square feet of office space for its 120 Louisville-based corporate employees and allow room for an additional 30 future staff members. CDI’s executive management team, including Chairman and Chief Executive Officer Robert L. Evans, will have offices at the new location, as will the CDI corporate functions that have been centralized in Louisville over the last decade, including corporate communications, finance, human resources, information technology, investor relations, legal services and purchasing. The management and operations teams for United Tote, CDI’s totalizator company, will also locate at 600 North Hurstbourne. Current plans call for CDI’s corporate staff to move to the new office space in March 2012. The building is expected be ready for occupancy approximately one month earlier.
“For decades, our corporate team has enjoyed coming to work under the iconic Twin Spires at Churchill Downs Racetrack,” said CDI Chairman and Chief Executive Officer Robert L. Evans. “As our company has evolved from one racetrack in Louisville, Ky., to a diversified organization with operations in multiple states, we’ve added about 40 positions to the corporate team that shares workspace with Churchill Downs Racetrack employees at 700 Central Avenue. The simple truth is we’re out of room at the track, and moving corporate personnel off site makes sense as they provide management and support services for our 3,700 team members around the country.
“After looking at two dozen office buildings in downtown Louisville and around Jefferson County, we selected 600 North Hurstbourne because the available space meets all of our requirements, shortens the commute for many of our employees and offers convenient, free parking for our staff and business clients. It’s been very satisfying to work with the U of L Foundation and NTS Development Company on the project, given their commitment to environmentally friendly construction practices and sustainability,” Evans added. “They had the vision and courage to undertake a novel, progressive building design that meets the needs of a 21st century organization.”
“Churchill Downs Incorporated and the University of Louisville have always been great neighbors in Old Louisville. Now, the two of us are developing a new neighborhood on our ShelbyHurst campus,” Dr. James Ramsey, president of the U of L Foundation and University of Louisville, said. “CDI’s move will provide the added space they need for growth and helps achieve the U of L Foundation’s goal of producing new sources of revenue to help fund the academic and research mission of the University of Louisville.”
NTS Chief Executive Officer Brian F. Lavin added, “We are bringing the next generation of office building to the Louisville market with our modern and ‘leading edge’ 600 North Hurstbourne office building. Churchill Downs Incorporated, with its constant focus on growth and innovation, is the perfect company to lease the top level of our building. We couldn’t be more pleased to have them and look forward to their tenancy at 600 North Hurstbourne.”
The 600 North Hurstbourne office building is four stories tall with 125,000 square feet of space and is expected to be the first multi-tenant office building in Louisville, Ky., to receive a “Leadership in Energy & Environment Design” (LEED) designation by the United States Green Building Council. Features and benefits of a LEED office building include:
- Implementation of an environmentally friendly construction program to save on resources,
- A smart HVAC system,
- Increased fresh air ventilation and improved air quality,
- Reduced energy consumption,
- Efficient plumbing fixtures designed to reduce water usage by 30 percent,
- Better and more efficient interior and exterior lighting,
- Maximum natural daylight inside the building,
- Environmentally friendly housekeeping and janitorial programs,
- Preferred parking for fuel-efficient vehicles, and
- Bike lanes, walking paths and green space areas throughout the office park.
The ShelbyHurst Office Campus is Louisville’s newest suburban professional office park. Formerly branded as U of L’s Shelby Campus, the office park contains 200 acres bordered by Hurstbourne Parkway and Shelbyville Road. The state-of-the-art office campus has an upscale feel with prominent boulevards, wide sidewalks, ample green space, and bike lanes throughout. The Commonwealth of Kentucky and U of L Foundation have invested more than $10 million for the infrastructure at the office park, and completion has occurred for the park’s entrances, roads, landscaping, utilities, fiber and other amenities. When fully developed, the ShelbyHurst Office Campus is expected to contain more than 1.5 million square feet of modern office space in multiple buildings.
While allowing CDI to better accommodate its growing corporate staff, the move to the ShelbyHurst Office Campus will also consolidate the company’s corporate employees at one location. CDI previously leased office space within the Watterson Tower and the River Green Business Park for team members the company could not accommodate at the racetrack’s general offices. Churchill Downs Racetrack President Kevin Flanery and his staff will continue to work from offices at the historic venue and utilize the vacated corporate office space in the most efficient way possible. Both Evans and CDI President and Chief Operating Officer Bill Carstanjen will keep office space at the racetrack as well.
Kling Stubbins, an internationally recognized design firm, ranked No. 11 on Architect Magazine’s 2009 list of the United States’ top architectural firms, is responsible for the building design of 600 North Hurstbourne. Kling Stubbins is noted for designing such iconic buildings as the Citicorp Center in New York City, the Mitsubishi Tower (Japan’s tallest building) and the Ronald Reagan Presidential Library in California. Messer Construction is serving as general contractor on the project, while CBRE Real Estate represented CDI in identifying the space and NTS Commercial Realty represented the landlord.
Churchill Downs Incorporated (“CDI”) (NASDAQ: CHDN), headquartered in Louisville, Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans,. La.; racetrack operations in Arlington Heights, Ill.; and a casino resort in Greenville, Miss. CDI also owns the country's premier account wagering company, TwinSpires.com, and other advance-deposit wagering providers; the totalizator company, United Tote; and a collection of racing-related telecommunications and data companies. Information about CDI can be found online at www.churchilldownsincorporated.com.
The University of Louisville Foundation is an independent 501(c)(3) not for profit corporation that holds, invests and designates funds of the University. These funds are invested and managed by the Foundation in support of the University's education, research and service goals and used for scholarships, endowments, research chairs, grants and other academic initiatives. Founded in 1970, the Foundation is directed and supervised by a 15-member board of directors, the majority of whom are not members of the board of trustees or officers or employees of the University. The Foundation's efforts have driven the University's endowment into the ranks of the top 100 colleges and universities in the United States.
NTS Development Company is a full service, diversified real estate company operating in the southeastern United States with corporate offices located in Louisville, Ky. NTS has been providing high-quality developments and real estate services for more than 45 years and has established itself as the dominant developer in the Commonwealth of Kentucky. The company has extensive asset management, property development and management and redevelopment experience in all real-estate product types, including multi-family, commercial, industrial and residential development. NTS currently manages three million square feet in 20 commercial office buildings and more than 6,500 apartment units located in Louisville and Lexington, Ky., Indianapolis, Ind., Fredericksburg and Richmond, Va., Atlanta, Ga., Orlando and Fort Lauderdale, Fla., and Nashville and Memphis, Tenn. NTS employs 300 of the finest professionals in the industry who are dedicated to the management and support of these properties. More information on NTS can be found online at www.ntsdevelopment.com.