Brookfield Properties Land 121 KSF Renewal
Johns Manville has renewed its 121,000-square-foot lease with Brookfield Properties in downtown Denver. The Berkshire Hathaway subsidiary will continue to occupy the space at 717 17th St., serving as its global headquarters, through at least 2035.
The manufacturer of building and specialty products moved at the 29-story, 693,565-square-foot tower in July 1988 and plans to improve the five-story leased space where more than 300 employees work.
JLL represented both parties. The Mayor’s Office and the Downtown Denver Partnership also provided assistance in recent months while JM sought information related to safety, construction, traffic and parking.
A LEED Gold-certified building
JM’s home is part of Denver City Center, a two-building office campus totaling some 1.3 million square feet. Brookfield acquired both assets in February 2020 from Shorenstein for $400 million, according to CommercialEdge information, financing the purchase with a $230 million loan originated by Wells Fargo Bank.
Also known as Johns Manville Plaza, the Class A high-rise came online in 1978. The building went through a cosmetic renovation in 2013 and, more recently, through a comprehensive modernization program that comprised the full remodeling of the lobbies and elevators.
READ ALSO: Where Office Work Is Heading Now
The property features floorplates averaging 24,000 square feet, almost 3,970 square feet of retail and some some 690 parking spaces. Amenities comprise a fitness center, tenant lounge and fully tech-enabled conference center.
The tenant roster at the LEED Gold-certified building also includes SunRun Solar, Medpace, Suncor Energy and Evolve Vacation Rental Network, CommercialEdge information shows.
JLL International Director Barry Dorfman, Managing Directors Patrick Bolick and Tim Bourdelais, alongside Executive Vice President Janessa Biller, represented the tenant. Managing Directors Michael Crane and Andy Ross, along with Vice President Julie Rhoades, worked on behalf of the landlord.
Denver’s office sector faces challenges
Denver’s office vacancy rate clocked in at 22.7 percent as of March, 450 basis points higher than the national average, according to the latest CommercialEdge national office report. Meanwhile, the metro’s listing rates stood at $30.24 on average, 120 basis points lower year-over-year.
In January, Bow River Capital signed a headquarters relocation, committing to 30,000 square feet at Magnetic Capital’s 2nd & Adams, a 100,000-square-foot office project in Denver. The property is expected to come online in the third quarter of next year.
Other notable deals in the area include Google Fiber’s relocation to 13,000 square feet at Belmar, a 1.5 million-square-foot mixed-use district in Lakewood, Colo. Bridge33 Capital is the landlord.
The post Brookfield Properties Land 121 KSF Renewal appeared first on Commercial Property Executive.
