Rocket engine builder Ursa Major Technologies will be the anchor tenant at Park 4040, a creative flex/office park at 4040 Salazar Way in Frederick.

Ursa Major has agreed to lease 15K SF of the 25K SF building. In addition, Ursa Major is ground leasing 1.75 acres in the park, where it will build an additional testing facility.

“Our suites at Park 4040 will be Ursa Major’s new headquarters, where we will design and assemble state-of-the-art liquid propellant rocket engines for a number of commercial and defense applications,” Ursa Major founder and CEO Joe Laurienti said.

Owned by the Santa Monica, California-based private equity real estate investment firm Mass Equities Inc., Park 4040 is a 13-acre development at the northwest corner of the Interstate 25 Frontage Road and Salazar Way, about 1 mile south of Highway 119. Mass Equities is projecting it will develop five lots with up to 156K SF of flex and industrial space. Mass Equities is offering both lease and purchase options for individual condo units. Park 4040 will also include an adjacent outdoor staging and storage area, as well as ample parking. Completion is slated for December.

“The continued growth of the northern I-25 corridor is attracting more and more companies, but one major factor is the lack of supply of quality industrial and flex properties, as many of the existing buildings are functionally obsolete,” Mass Equities principal and Senior Vice President of Acquisitions and Development for Colorado Brian Bair said. “Tenants in today’s market are looking for high ceilings, access to employees and affordable housing in close proximity.”