Two companies leased more than 50,000 square feet at 50 Fifty DTC, a newly completed Class A office building in Denver.
Yes! Communities will relocate from Lower Downtown Denver to the top floor of the 12-story building at 5050 S. Syracuse St., occupying 31,517 sf. The company signed a 10-year lease with the building’s owner and developer, Corum Real Estate Group.
Also, Pacific Western Bank leased 18,661 sf. Its Denver offices will occupy half of the 10thfloor, and Pacific Western will have an approximately 3,000-sf bank on the ground floor, said Bill Woodward of Rise Commercial Real Estate Advisors. California-based Pacific Western recently expanded to the Colorado market.
Woodward and Rise Commercial’s Randy Swearingen handle leasing at 50 Fifty and represented the landlord in the transactions. Kennedy Wilson represented Pacific Western Bank.
Ryan Link of CBRE, who, along with CBRE’s Rob Link, represented Yes! Communities in its lease, said the tenant’s growth was among several factors influencing its relocation. Based in Denver, Yes! Communities owns and operates manufactured home communities in 18 states.
“Their business continues to grow, and their existing footprint in LoDo did not allow for the path of growth they needed in the long term,” Link said. “Also, through different labor studies, we found that their employee demographic had shifted a bit over the years. A number of their employees now live in the southeast market, making a commute to 50 Fifty DTC a much shorter one. But for those still coming from downtown, nearby light-rail access was a point of emphasis.”
The building offers “amazing views,” three patios on the top floor, a distinctive design and walkable amenities, Link added.
Corum delivered 50 Fifty in January. Designed by Clutch Design Studio, the approximately 185,000-sf building is comprised of eight stories of office above six stories of parking (two below grade), with light wells that allow daylight to penetrate interior spaces. Other features include a common conference room, collaborative spaces, a state-of-the-art fitness center and secure bike storage.