Creative Office Project Coming to Downtown Denver
- Aug 29, 2016
By Keith Loria
Denver—Clarion Partners has partnered with INDUSTRY Denver to develop INDUSTRY RiNo Station, a $58 million, premier creative office building in the River North submarket of downtown Denver, on behalf of a commingled fund advised by the firm.
“When we look at investments, we look at the overall market, submarket and specific locations, and with Denver, we see a tremendous amount of growth,” Rick Schaupp, Clarion Partners director, told Commercial Property Executive. “There’s diverse employment and a lot of folks moving there, particularly young people, and that’s partly because of the quality of life and the fact the city has invested in smart infrastructure.”
The project will transform an existing industrial building into a 145,945-square-foot office building that will showcase an innovative approach to multi-tenant office space.
“We’ve really seen people wanting to work in a more dynamic, collaborative, curated environment,” Schaupp said. “I think it’s a new paradigm in how to do multi-tenant space. Today, you can lease the amount of square feet you need, the conference space can be shared, the kitchen can be a great café, and you can talk to other people. That’s why we’ve seen strong demand and great rents for this product type.”
When complete, INDUSTRY RiNo will feature a wide range of shared amenities such as kitchen areas, conference spaces, training and meeting rooms, event space, reception facilities, and an on-site cafe. Tenants will also have private office space, while accessing the property’s many common features.
According to Schaupp, River North is one of the most dynamic neighborhoods in Denver with a unique combination of the arts, new residents, and businesses which create a true live/work/play environment that is accessible to bike paths and transit providing convenient access to the city as a whole.
The site lies across the street from the newly opened 38th & Blake Light Rail Station, which will enable tenants to reach the Union Station transit hub and the amenities of LoDo in just four minutes in one direction and the Denver International Airport in 30 minutes.
The loan is in place and the final permits are in the works, with the building scheduled to break ground in September and completion slated for the fall of 2017.
Image courtesy of INDUSTRY Denver’s Facebook page