Hines Signs Chipotle to 152 KSF in Denver

With the 15-year deal in place, the upcoming 671,000-square-foot office development at 1144 15th St. in downtown’s LoDo neighborhood is now more than 65 percent pre-leased.
1144 Fifteenth St., Denver
1144 15th St., Denver

The tenant roster is filling up at 1144 15th St. in downtown Denver’s LoDo neighborhood, and the 671,100-square-foot office tower has not yet opened its doors. Hines, developer of the trophy office building, just signed Chipotle Mexican Grill to a lease of 152,000 square feet for the relocation of its Denver headquarters.

Chipotle’s 15-year lease at 1144 15th follows commitments to the speculative office project from other such notable names as law firm Greenberg Taurig, Optiv Security, Unicom Capital, WeWork and Gates Corp., which inked a deal for 125,000 square feet in 2016. 

Jay Despard, Senior Managing Director, Hines
Jay Despard, Senior Managing Director, Hines

“The fact that we are over 65 percent pre-leased is a testament to the Denver market’s recognition of this asset’s quality and stature,” Jay Despard, senior managing director with Hines, told Commercial Property Executive. “Denver has grown significantly over the past decade and the optimism surrounding this project is a testament to the city embracing its rapid and dynamic evolution.” The Denver office market is performing well, and the LoDo submarket is performing even better. At 9.1 percent, LoDo’s vacancy rate is the lowest of the four CBD submarkets by a minimum of 4.7 percent, according to a third quarter 2017 report by JLL, the commercial real estate services firm marketing 1144 15th St.’s office space.

Standing out above the rest

The 40-story 1144 15th, designed by architecture firm Pickard Chilton, will alter the Denver skyline as the fifth tallest building in the city, and hold the distinction of being the largest skyscraper to be built in the city in three decades. The LEED Gold-certified office destination’s cutting-edge, collaborative workspace will sit atop a 13-story podium offering a host of amenities, including retail and restaurants, a 5,500-square-foot fitness facility and an 880-space parking garage.

Chipotle, established in Denver in 1993, will relocate its 450 local corporate employees from 1401 Wynkoop St., which it has called home since signing a 42,000-squre-foot lease in 2007. The fresh ingredients-centric fast food chain will set up shop on floors 20 through 24 at 1144 15th in late 2018, with the option to expand the square footage of its digs to accommodate future growth. 

It won’t be long before Hines welcomes its first tenants to 1144 15th. The international real estate giant broke ground on the downtown Denver office project in 2015, and is on track to wrap up construction in the first quarter of 2018.

Image courtesy of Hines