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Downtown building to deliver like-new space

930 15th
A glass curtain wall and host of new amenities are planned for the building at 930 15th St. in downtown Denver. (Newmark Knight Frank)

The former CenturyLink building at 930 15th St. will be reimagined as modern office space, creating a rare option for large tenants in downtown Denver.

A floor-to-ceiling glass curtain wall system, robotic-lift parking, a rooftop terrace with a state-of-thee-art fitness center, and event and conference space will be added to the 223,000-square-foot building, which Rialto Capital Management LLC and SteelWave recently acquired for $22.5 million.

Gensler is leading the design, which also will feature an innovative, collaborative office lobby with bar, lounge and café options.

“This was an ideal investment opportunity for us,” said Matthew Drummond of Square Mile Capital Management LLC, which originated a $54.6 million loan for the property.

“Downtown Denver is a dynamic commercial office market that we find extremely attractive. It’s also a market where the current demand for flexible creative office product is very strong. Rialto has a sterling track record and a compelling plan to meet that demand through the re-creation of this well-located boutique building.”

CenturyLink sold the mostly vacant 12-story building in an “ongoing effort to remain competitive by reducing costs, achieving operational efficiencies and implementing best practices,” said spokesman Mark Molzen. Employees were relocated to other facilities in downtown Denver, Broomfield and Littleton.

The building at 930 15thsits a block from the Denver Center for Performing Arts and the 16thStreet Mall.

The repositioning will be the first of its kind in downtown Denver in more than a decade.

Newmark Knight Frank Vice Chairman Tim Harrington, Directors Jon Tilton and Jenn Chavez, and Associate Eddie Kane are handling marketing and leasing efforts.

The building will deliver in 2020 as new construction space with features and amenities comparable to ground-up construction. Office suites will have 13-foot, 4-inch slab-to-slab ceilings, fiber connectivity and completely modernized mechanical systems.

With deliveries of new office space anticipated to slow to 500,000 sf this year and next, compared to 1.7 million sf last year, 930 15th will hit the market at an opportune time. While asking rates have escalated, new product in Denver has been absorbed quickly, with new inventory between 2014 and 2018 93 percent leased, according to NKF.

John Jugl and Victor Frandsen, vice chairman in NKF’s Western Regional Capital Markets, along with Executive Managing Director Alan Polacsek, Director Manuel Breidenbach and Associate Paul Donahue, handled the sale of the building.

Financing was arranged by Holliday Fenoglio Fowler’s debt placement team including Director Leon McBroom and Senior Managing Director Eric Tupler.

Featured in CREJ’s Feb. 20-March 5, 2019, print edition.

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…