EverWest Real Estate Partners and WHI Real Estate Partners will bring creative office space to the Denargo Market area with the repositioning of an 85,000-square-foot industrial building they bought early this year.
The redevelopment of 2323 Delgany St. will be known as The Yard at Denargo Market. The property is located at the edge of River North and next to Lower Downtown, two of Denver’s hottest neighborhoods.
Renovation will begin late this year, with delivery scheduled for mid-2017.
With The Yard at Denargo Market, Denver-based EverWest is deploying an adaptive reuse strategy that it says has worked well in Arizona and California.
“The investment is part of a creative office redevelopment strategy that EverWest is implementing nationally,” said Curt Kremer, EverWest managing principal.
“The existing structure offers ultimate flexibility for us as we are designing these interactive common spaces and also delivers an amazing canvas for users who are looking for something different from traditional office space. The Gensler team has done a tremendous job of blending new use within this old structure, making for a uniquely creative project,” he said.
Rather than being designed as co-working space for small companies, which comprises much of the office product in RiNo, The Yard is geared to users from 20,000 to 85,000 sf. It will have 24 skylights, 19-foot windows, 25-foot ceilings and a package of amenities typically not found in a building of its size, according to Jamie Gard, executive managing director of Newmark Grubb Knight Frank. Those include a common conference space, collaborative areas, an outdoor patio, fitness center, refreshment bar and bike storage.
“The Yard’s main entrance incorporates a secure Bike Box to accommodate Denver’s growing bike commuter population,” said Gard, who is handling leasing and marketing with NGKF Director Courtney Hasson. The location is within walking distance of Coors Field and Denver Union Station, and has quick vehicle access to Interstate 25. It’s also convenient to the hundreds of new residents that call Denargo Market home.
“We’ve seen huge residential growth. Now the office is coming in behind that to take advantage of the labor pool in Denargo Market,” Gard commented.
Lease rates will start at $26 per sf triple net.
EverWest Real Estate has been expanding its local portfolio, which includes Cherry Creek Corporate Center, Broadway Station and more than 320,000 sf of industrial product. It bought the 781,105-sf Panorama Corporate Center earlier this year in one of the largest portfolio deals to close in 2016, at a price of $190.62 million. The company bought the Denargo building, which sits on 4.36 acres, for $10.5 million.
EverWest is a private real estate investment manager and operator that invests in core, value-add and opportunistic investments, including office, industrial, multifamily, retail and mezzanine debt. Its clients include institutional investment managers, pension funds, foundations, endowments and high-net-worth individuals.
