Savills Studley Inks New Office Lease

The commercial real estate services firm moved just up the street from its current location in downtown Denver, taking 8,500 square feet at 1125 17th St., a Class A tower co-owned and managed by Hines.

1125 17th St., Denver
1125 17th St., Denver

Savills Studley has expanded its elbowroom in Denver with a relocation to 1125 17th St., a 492,800-square-foot office tower in the city’s Midtown submarket. The commercial real estate services firm staked a claim to approximately 8,500 square feet at the building, which was acquired by Hines in a partnership with Pearlmark and Goldman Sachs & Co. in January of this year for $169.7 million.

“After all the Denver employees were able to express their views and opinions on location and building options, Midtown and 1125 Seventeenth Street were the overwhelming preferences,” Rick Schuham, executive vice president & director with Savills Studley, said in a prepared statement

The company relocated from an office building just doors away at 1050 17th St. The firm’s new space on the 23rd floor of 1125 17th is twice the size of its former home. Savills Studley can also look forward to a building makeover, as Hines, which manages the property, and partners expect to complete an extensive renovation program at the 25-story tower in the first quarter of 2018.

“With the commitment by ownership to invest heavily in upgrading the building and the unparalleled professionalism of Hines in management, this property permitted us to mesh our new culture and forward leaning ethos with a building that is being re-energized,” Schuham added.

NEW GROWTH, NEW ADDRESS

Savills Studley’s expansion across the country has spurred other relocations this year. In Newport Beach, Calif., the firm inked a long-term lease for 17,700 square feet at 520 Newport Center. Savills Studley also moved its Seattle-area office from Bellevue, Wash., to a 6,500-square-foot space at the Russell Investments Center in downtown Seattle.

The company has had growth-inspired increases in occupancy outside the U.S. as well. In September, the Savills Canberra office in Australia relocated from the nearby suburb of Barton to 54 Marcus Clarke St., an office tower in Canberra City proper.

Photo courtesy of Hines