DENVER-As GlobeSt.com recently reported, Hines, in conjunction with Jordon Perlmutter & Co., just recently held a groundbreaking ceremony celebrating the start of construction on 1601 Wewatta. The new class A, 300,000-rentable-square-foot office building is located in the Central Platte Valley district of Lower Downtown Denver. According to Hines director Gordy Stofer, the project is being developed on a speculative basis.
“That is a strong testament to both the strength of the LoDo submarket dynamics and the Hines, Perlmutter and JPMorgan Chase project sponsorship,” he says. “Construction activity will visibly increase in the next 45 days which will continue to generate interest and excitement from prospective tenants.”
According to Perlmutter, “The redevelopment of Union Station that is unfolding before our eyes is a tremendous story for Denver, and we are thrilled to be a part of it. This is truly a one-of-kind location.”
The building, designed by HOK Architects out of Washington, D.C., features an iconic design that will set a new architectural standard in LoDo. The 10-story building will contain approximately 283,000 square feet of office space with 17,000 square feet of retail space on the first floor.
Parking for 400 vehicles will be provided in four subterranean levels. 1601 Wewatta will feature 10' finished ceilings, rooftop solar panels and numerous outdoor terraces. The building's efficient floor plates, ranging in size from 28,800 to 37,400 square feet, will provide flexibility for multi-tenant or single-tenant users. The building is LEED Gold Pre-certified and is scheduled for completion in May 2015.
Hines has been active in the Denver market since 1982 and currently owns and manages nearly 1 million square feet there. The firm has developed 1515 Wynkoop, a mixed-use office and retail building in LoDo; Wells Fargo Center, a 50-story office tower in Denver's CBD; 4600 South Syracuse, a 13-story office building in the Denver Tech-Center; and Eos, a four-story, 186,000-square-foot office building located in Broomfield, as GlobeSt.com previously reported.
Newmark Grubb Knight Frank says that momentum is building in the Denver market. Kevin McCabe, EVP and regional managing director explains “Denver commercial real estate is primed for a break out year in 2013 and there is now no question that goal will be realized. Momentum continues to build from 2012's solid performance and the strong activity of the first two quarters of 2013, and we are seeing consistent, market-wide positive trends.”
He adds that “Vacancy continues to decline for all property types, absorption is increasing market-wide and rates are moving in the right direction. While all product types experienced robust absorption, the office market was at the top of the pack with 528,000 square feet absorbed in the second quarter.”
It is exciting to see cranes going up all over town, adds McCabe. It is “gratifying to find Denver gaining national attention for our hot real estate market. All of these elements create a strong attraction for national and international investors to consider Denver.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
