Downtown Denver’s First Full Renovation of Former Owner-User Property in a Decade
Newmark Knight Frank (NKF) is pleased to announce SteelWave and Rialto Capital Management’s recent acquisition and repositioning of 930 15th Street, a 12-story, 223,000 square foot tech building in the heart of Denver’s theater district. NKF’s Vice Chairman Tim Harrington, Director Jon Tilton, Director Jenn Chavez and Associate Eddie Kane are appointed to lead the repositioning marketing and leasing efforts as planning and construction begin at the building.
Formerly an owner-user property, the building will deliver in 2020 and will be one of downtown Denver’s only options for large user requirements – providing previously unavailable large blocks of space to a tight office market. The repositioning of 930 15th Street is the only of its kind in downtown Denver to be undertaken in a decade – the next most recent being the renovation of 1001 17th Street in 2008.
SteelWave and Rialto Capital Management are partnering with Gensler Architects on the building renovation including a new exterior glass curtain wall, robotic lift parking infrastructure, and entirely new building systems. Inside, the asset will feature Class AA amenities – a rooftop terrace with a state-of-the-art fitness center and event and conference space; an innovative, collaborative office lobby, complete with bar, lounge and café options and office suites with 13’4” slab-to-slab ceilings, fiber connectivity and completely modernized mechanical systems.
The building will be delivered to the market as new construction space, with features and amenities comparable to ground-up construction. Additionally, the property will deliver in a time of need, as square footage deliveries are expected to slow to 500,000 square feet annually in 2019 and 2020, compared to the 1,700,000 square feet delivered in 2018, alone. Additionally, despite high asking rates, new product delivery in Denver has been consistently well-received, with new inventory delivered between 2014 and 2018 93 percent leased.
NKF’s Vice Chairman, Western Region Capital Markets John Jugl, Vice Chairman Victor Frandsen, Executive Managing Director Alan Polacsek, Director Manuel Breidenbach and Associate Paul Donahue represented the undisclosed seller in the transaction.