Colorado-Real-Estate-Journal_377667

Groundbreaking OCC Industrial buys land, starts construction on Candelas project INSIDE House1000 initiative Rocky Mountain Communities buys former hotel to lease to city 14 10 FEATURED Retail portfolio DLC buys Cornerstar center and three national properties for $100 million 20 CONTENTS DECEMBER 20, 2023-JANUARY 2, 2024 Office 6 Industrial 10 Multifamily 14 Mixed use 18 Retail 20 Finance 24 CDE News 36 Who's News 46 New space Scram Systems moves headquarters to DTC with 25,000-sf lease 6 by Avalon Jacka DENVER – The city of Den- ver is planning to buy the for- mer Denver Post building at the corner of West Colfax Ave- nue and Broadway to expand the city’s court system and services. Denver will pay building owner Kayan LLC $88.5 mil- lion, or approximately $290 per square foot, for the 11-story building at 101 W. Colfax. If City Council votes to approve the purchase, it will be funded by a certificate of participa- tion, which requires council approval. The city’s Finance and Gov- ernance Committee votedDec. 5 to advance the resolution to the broader council for a final vote Dec. 18. City Council member Shontel Lewis cast the only vote against the reso- lution. The full council had not voted on the purchase prior to publication. The 303,733-sf building, con- structed in 2005, includes a 635-space parking garage. The 1.4-acre property also features IT infrastructure providing access to the city’s IT network, building security systems, a ground-floor auditorium and “quality of build-out,” the city’s proposed resolution stated. The purchase would go toward providing additional office and court space to sup- port the city’s judicial needs and new city services in the future. A 2020 Courts Master Plan completed by the Divi- sion of Real Estate with the Denver Department of Trans- portation and Infrastructure reviewed space requirements through 2040 for county, dis- trict, probate and juvenile courts. The master plan deter- mined the city’s court system has a current space deficit of City eyes Denver Post building purchase by Avalon Jacka DENVER – The largest ener- gy provider in Colorado has preleased an entire new mass timber office building in the River NorthArt District. Xcel Energy - Colorado will occupy all six floors of office space at T3 RiNo, located at 3500 Blake St. The company will be the largest office ten- ant in the neighborhood when it moves into its new 220,172-square-foot headquar- ters in 2025. Rick Schuham and Brendan Fisher of Savills represented Xcel Energy in the lease trans- action. Co-developers Ivan- hoé Cambridge, Hines and McCaffrey were represented by James Roupp, John Bea- son, Don Misner and Maddy Stevenson of JLL. “T3 RiNo reflects a differen- tiated and innovative work- place experience, and we’re proud towelcome Xcel Energy and their employees to Den- ver’s newoffice environment,” said Hines’ Chris Crawford. “Designed to enhance creativ- ity and collaboration with sus- tainability at the forefront, T3 RiNo alignswithXcel Energy’s commitment to its employees and the environment.” T3 RiNo’s structure – which features a refined industrial, heavy timber-structured design – pays homage to Denver’s historic brick and timber buildings, as well as the rapidly evolving River North Art District. The build- ing features exposed wood, open layouts, 12-foot ceilings and floor-to-ceiling windows, offering mountain views and abundant natural light. The building is expected to achieve multiple green construction certifications, including LEED, WiredScore, WELL and Ener- gy Star certifications. Xcel moves Denver headquarters to RiNo Google Maps The city of Denver aims to purchase the 303,000-square-foot building at 101 W. Colfax Ave. to sup- port expansion of the city’s court system. Please see Denver, Page 30 Please see Xcel, Page 30 Xcel Energy’s new lease at T3 RiNo will make the energy company the largest office tenant in the River North Art District.