Preleasing at new tower on fast track with Chipotle deal

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1144 15th
Hines' 1144 Fifteenth is 65 percent preleased.

A 152,000-square-foot headquarters deal will bring preleasing at 1144 Fifteenth Street to 65 percent, well ahead of what its developer anticipated at this point in time.

Chipotle Mexican Grill signed a 15-year lease for floors 20 through 24 of the 671,101-sf tower. The building will accommodate all 450 Denver-based Chipotle employees in a single location.

“Chipotle first started in Denver almost 25 years ago as a single restaurant on Evans Avenue, across from the University of Denver. Today, we have more than 3,500 restaurants and more than 450 people who work out of our main office. Our roots are here, and this contemporary, collaborative and modern space will position us to look ahead to the next 25 years,” Chipotle founder, Chairman and CEO Steve Ells said in an announcement.

“Chipotle is a company that is respected and admired nationwide, and we are proud to add them to our impressive tenant roster,” said Hines Senior Managing Director Jay Despard. “We know that 1144 Fifteenth will offer them the best amenities and resources they need to build a collaborative, open and scalable workplace for their employees.”

Todd Roebken and Greg Bante of Savills Studley represented Chipotle in the transaction. Jamie Roupp of JLL represented Hines.

Other tenants that have preleased space at 1144 Fifteenth include Gates Corp., Greenberg Traurig LLP, Optiv Security and Unicom Capital. Most are relocating within the Denver market.

Leasing activity at 1144 Fifteenth increased significantly as soon as tenants were able to begin walking various floors of the building, according to Despard, who said preleasing is about a year ahead of where Hines expected it to be. The building will be completed this quarter.

Chipotle’s space will feature a large employee lobby and social area with a grand staircase that connects two of the floors. Move-in is slated for late 2018.

Pickard Chilton designed 1144 Fifteenth, which includes efficient floor plates, 10-foot floor-to-ceiling windows with unobstructed mountain and city views, and three outdoor terraces. The building will have designation dispatch elevators, a great room-style collaboration center, a 5,500-sf gym and auto detailing service in the parking garage.

Featured in CREJ’s Jan. 3-16, 2018, issue

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