Resource Land Holdings LLC, which manages more than $500 million in funds for land investments, has moved its headquarters from Colorado Springs to Lower Downtown Denver to improve its chances of recruiting young finance professionals to the company.
"Young investment bankers think of working in New York, Chicago, Los Angles and maybe San Francisco, Denver or Houston, but Colorado Springs was not on that list," said Joe Leininger, founder and partner. "It was a challenge to be competitive in recruiting and retaining financial professionals."
Resource Land Holdings operates four funds totaling more than $500 million that invest in land used for agriculture, mining and timber. Its 15 employees moved July 22 to the Sugar Building, built in 1906 in LoDo to house the Great Western Sugar Co.
Leininger said he met with Mayor Steve Bach recently to tell him about the move, but said he did not seek any incentives or financial help to remain in Colorado Springs.
"We believed that recruiting would be easier in a bigger market," Leininger said. "Colorado Springs is still a special place, but the recruiting dynamic was hard to overcome. It had become a concern for us in the past five years and we started setting things in motion (for the move) about a year ago."
The move also will make it easier to find vendors and contractors, and travel will be more efficient through Denver International Airport, he said.
Leininger, a former Eurodollar trader on the Chicago Mercantile Exchange, started Resource Land 15 years ago in Colorado Springs. He raised $20 million through institutional investors and made the company's first investment in 2001. The company owns 46 properties in 20 states from Florida to Washington, including a limestone quarry in Texas, an apple farm in Washington and a timber tract in Northern California. He said the company is planning on launching a fifth investment fund late next year that will total more than $300 million.
Leininger and another partner, James Geisz, continue to live in Colorado Springs and will work from the Springs a day or two a week; all other employees moved to the Denver area as part of the company's move, he said.
Resource Land has hired Gary Feffer of Fountain Colony LLC to find tenants for its former headquarters at 619 N. Cascade Ave., Leininger said.
Contact Wayne Heilman: 636-0234 Twitter @wayneheilman
Facebook Wayne Heilman