Our History
The Beginning
Aardex was founded in 1983 by Richard "Rick" Butler. The grandson of a farmer and the son of contractor Gordon Butler, Rick had a passion for hard work and creating value. Harnessing the work ethic and skills passed down through the generations, Rick learned the trade of a carpenter as well as becoming a Superintendent. In the late 1970s, Rick teamed up with his father to build banks throughout Colorado. Eventually, Rick sought out to create Aardex on his own—endeavoring to build an enduring real estate development and construction company. Rick's passion inspired the name Aardex, which means "out of the ground".
1980s
The company started out building construction and design-fee work in the early 1980s. Times were tough for real estate then in the mountain states, due to the economic situation, oil crash, and high inflation. Aardex found projects along the way, enduring many ups and downs, but valuable lessons were learned. The late 80s weren’t much better, as projects were hard to finance due to the S&L crisis. In fact, one of Aardex's first large jobs lost money. Fortunately, the next deal the company landed was a big success.
Aardex’s first-ever GSA deal in Wyoming was the first development and construction project in which the company controlled the entire process from start to finish. Living out the company motto of "we only play if everyone wins,” Rick wanted to use profits from the GSA project to pay back the money the investors lost on the prior project, but his partners disagreed. Using the proceeds from the GSA project, Rick bought out his partners, paid back the investors on the prior deal himself, and continued on his own to build Aardex. Throughout the 1980s, and the many challenges he faced, Rick developed the saying, "There is always a way.”
The first breakthrough came in the late 80s with the development of a GSA office building in Window Rock, AZ. This was the beginning of real estate development for Aardex. The concept of developing and building its own projects would prove to be an important milestone, offering the company a competitive advantage over all others.
1990s
The 90s became Aardex's key turning point. The company became the low-cost leader in US Government build-to-suits. Aardex continued to expand and bring in key partners and employees to share in its growth and success. The company had now developed over 10 GSA projects in 5 states for key governmental agencies, such as the US Federal Courts, Corps of Engineers, USDA, Bureau of Reclamation, Social Security Administration, Bureau of Land Management, VA, IRS, National Park Service, and National Archives.
2000s
The 2000s saw continued growth and expansion into new business lines, including hotels, hospitals, industrial, and office buildings, including the only LEED-certified platinum office building in the state, Signature Centre. The company also wrote a book called User Effective Buildings. It was way ahead of its time, with focuses on employee wellness and sustainable building practices that enhance human performance, as well as "green" building from construction through the operations lifecycle.
Present Day
Today, Aardex has pivoted into a long-term, multi-faceted family office company. Its key focus is still real estate, but it has since expanded into venture capital, private equity, and direct investments that focus on education, healthcare, renewable energy and the energy transition, technology, and philanthropy. There are many challenges ahead, but Aardex is well positioned to support the innovation, growth, and change that will transpire in the decades ahead.