DENVER | Main Development Thread #7

[TakeFive]

You can take the name off of this building

1144 Fifteenth Street


Courtesy of Hines

Optiv Security quietly moves headquarters from Denver to Kansas
September 17, 2026 By Aldo Svaldi -- The Denver Post

Optiv Security, Colorado’s leading cybersecurity firm, has relocated its headquarters from Denver to Leawood, Kan., dealing another blow to the region’s reeling tech sector. Optiv has been the marquee tenant at 1144 15th St. since 2018. However, after subleasing one of its three floors to PNC Bank in 2021, it is now vacating its remaining space on floors 29 and 30.

The company, like many white-collar firms, shifted to remote work during the pandemic, and continued those flexible arrangements. The company’s remaining space, covering a combined 39,415 square feet, is listed for sublease through May 31, 2031, by CBRE.

Back Story

In November 2014, private equity firm Blackstone combined Accuvant and FishNet Security, located in the Kansas City area, in a $2 billion “merger of equals.” In 2016, Blackstone flipped the company to another private equity firm, KKR, which put $1 billion in debt on the company’s balance sheet to fund its buyout.

Their space was originally leased to Chipotle - who never moved into the space.

Maddy Stevenson, a vice president with JLL, speaking on a panel at the Colorado Commercial Real Estate Symposium, said that Denver’s office market has become a game of “musical chairs.”

“Demand is internal,” she said Wednesday morning. Tenants move around, typically from older buildings to newer ones with more amenities. But few new tenants are arriving from out-of-state to boost overall demand for office space. And when big and high-profile tenants leave the state, that is a problem.

BTW, this is NOT (in this case) a Denver issue. Tech is rapidly evolving as new money flows into data centers and AI research, a game which Denver isn't involved in (to any degree).

[RiNo Randy]

What's happening in RiNo?

Nice article providing a recap of the four major residential projects underway currently.

https://www.nakeddenver.com/post/four-ma...e-reshaping-rino-s-transit-oriented-core

[wong21fr]

Originally Posted by TakeFive

BTW, this is NOT (in this case) a Denver issue. Tech is rapidly evolving as new money flows into data centers and AI research, a game which Denver isn't involved in (to any degree).

Hey now, there's several data center developers in the metro area. Vantage, Edgecore, Crusoe, etc.....

[TakeFive]

Nice post!

Originally Posted by RiNo Randy

What's happening in RiNo?

Nice article providing a recap of the four major residential projects underway

Really impressive variety of new units coming... with even designated affordable units offering a top variety of amenities. These projects look to be successful going forward it would seem. They look to have a competitive advantage over many older projects.

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Data centers becoming a Hot Topic

Originally Posted by wong21fr

Hey now, there's several data center developers in the metro area. Vantage, Edgecore, Crusoe, etc.....

Data guys located locally are often developing in other markets; but their HQ presence in Metro Denver always welcome.

Assuming final zoning approvals there's a nice hyperscale style data project in Aurora. Developers are also sniffing around in C-Springs and even Weld Co. for land sites for new 'modern' hyperscale development.

Colorado/Denver seems to have a decent share of data centers which should be more than sufficient going forward assuming the addition of a few new hyperscale projects. Given the various concerns I'm not sure they need any more.

[DenvertoLA]

Was just in Cherry Creek yesterday. It is amazing how much is being built there. Whole different world than downtown.

[RiNo Randy]

Originally Posted by DenvertoLA

Was just in Cherry Creek yesterday. It is amazing how much is being built there. Whole different world than downtown.

It is the Scottsdale of Denver, some would say...

[TakeFive]

Originally Posted by DenvertoLA

Was just in Cherry Creek yesterday. It is amazing how much is being built there. Whole different world than downtown.

[TakeFive]

Things are Popping

Greystar Sells Denver Apartment Building For $110M
September 2, 2026 By Cassidy Ritter, Denver

An 11-story apartment building in downtown Denver sold for $110M... An LLC tied to Greystar sold the 524K SF property at 1840 Market St. to San Francisco-based Carmel Partners, the Denver Business Journal reported, citing a Denver County deed.

THIS:

Greystar purchased the land and building plans for about $21M in 2018. The company took out a $99M loan on the property, which was set to mature in October, according to the DBJ.

1840 Market Street


Per Google Maps

The need to refinance is one issue. Back a decade or so many partnerships were formed with a ~ 5 year window for ownership. With respect to Greystar they have been liquidating many of their projects. About a decade ago Greystar started planting seeds in Europe. It's developed to the point where they are now both an investor and developer in European projects.

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AI Overview

San Francisco-based Carmel Partners purchased the 277-unit Edison at RiNo luxury apartment building at 3063 Brighton Blvd. in Denver's River North Art District for $76.6 million

Edison at RiNo -- 3063 Brighton Blvd



Carmel Partners which has their HQ in San Francisco does have a Denver office. This was a nice opportunity for Carmel to buy high quality apartments.
Note: Founder and CEO of Carmel is Ron Zeff. Ron grew up in Denver and his Daddy, Kalman "Kal" Zeff, was a successful developer of apartments.

[TakeFive]

Denver Tech Center office tower sells to previous owner for $57M
September 30, 2026 By Thomas Gounley | BusinessDen via The Denver Post

It’s deja vu for a Denver Tech Center office tower. The Regency Plaza building at 4643 S. Ulster St. in Denver sold on Monday to PaulsCorps, a Denver-based firm that previously owned the building. PaulsCorp, which is headquartered in Cherry Creek, paid $57.3 million for the 15-story, 335,000-square-foot tower. That works out to $170 a square foot. The seller was Texas-based Granite Properties, which purchased the property for $71.3 million in 2019.

This week’s deal works out to a 20% discount. That reflects Regency’s relatively strong position. The building is 83% leased, with 176,000 square feet of new leases executed since 2024, according to PaulsCorp.

Regency Plaza -- 4643 S. Ulster Street

Regency Plaza was completed in 1985 and renovated in 2020. PaulsCorp owned the building in the mid-1990s.

[TakeFive]

AI Overview

Malman Real Estate and two partners are under contract to buy The Symes Building in downtown Denver for $2.7 million, with the deal expected to close in November 2026.

• Strategy: The new ownership group plans to offer $5 net rents to actively attract tenants and fill the empty office spaces.
• City Funding: Malman applied for $5 million from the Denver Downtown Development Authority to fund building amenities (such as a gym and lounge spaces), elevator modernizations, and tenant improvements

The Symes Building -- 820 16th Street


Credit: Mark Samuelson/Denver Gazette

[TakeFive]

Knocking down buildings in Denver drags up bad memories, but empty office space drags on the economy
Oct. 05, 2026 By Sarah Mulholland -- Denverite

Construction crews in Denver’s Capitol Hill neighborhood are tearing down what used to be a four-story office building, a fate that could be in store for more of the city’s unremarkable, unused and unloved office buildings.

Roughly 38% of downtown’s offices are vacant, according to real estate company CBRE. All that vacant space is a drag on the city’s economy. There’s not enough foot traffic to support local businesses. It’s a vicious cycle. Empty streets lack the energy and buzz that would attract new companies to fill the empty space.

According to Andy Cushen, a contributor to DenverInfill.

"When you think about it as a layperson, you think a lot of these buildings don't have much going on inside of them at the moment,” ... “It’s natural then to look at that and go, ‘Well, if it's not being used for anything, why is it still there?’”

The Capitol Hill property at 1300 Logan St. is an extreme example. It was built in the 1970s as the headquarters for Colorado’s Public Employees Retirement Association. PERA left the building in 2013. It’s been empty ever since.

There's a variety of situations.

Most of Denver’s outdated office buildings aren’t in that dire a situation. Many are at least partially occupied. But ultimately, they don’t look all that different from a real estate perspective. Some have simply outlived their useful life, according to CBRE’s Anthony Albanese, who works with companies looking for office space. “Those are the ones that tend to be fully vacated or mainly vacated. And so the market is telling you that these buildings are obsolete,” he said.

[TakeFive]

AI Overview -- Credit BusinessDen

A high-profile, city-funded retail marketplace project along Denver's 16th Street Mall downsized. The Denver Downtown Development Authority (DDDA) approved modifications to the $4.3 million project originally planned as a massive coworking, events, and retail hub operated by Taylor’s Green Spaces

Key Details

• Operator Shift: Taylor's Green Spaces withdrew from taking over the physical footprint of the project
• New Incubator Strategy: Rather than a centralized mega-marketplace, the $4.3 million grant will act as an incubator. The funds will be distributed to bring five separate local businesses into the space, including an Ethiopian restaurant and apparel shops.

[TakeFive]

Denver Summit FC Breaks Ground at Santa Fe Yards
October 1, 2026 -- Mile High cRE

Denver Summit FC officially broke ground on October 1 on its highly anticipated permanent stadium project at Santa Fe Yards. Joined by civic leaders, community partners, and club supporters, the National Women’s Soccer League (NWSL) club celebrated the start of construction on the transformative 14-acre sports and entertainment district located at South Broadway and Interstate 25.

Courtesy Mile High CRE

The updated design, by world-renowned stadium architect Populous, emphasizes vibrant social spaces for fans to gather and connect, expanded terraces, and enhanced matchday experiences. The club also confirmed its updated construction timeline, targeting completion by the end of 2028.

Mayor Mike Was There

“Today’s groundbreaking is about more than a new stadium — it’s about building opportunity and creating a place where Denver’s future can take shape,” said Denver Mayor Mike Johnston. ... (and so forth)

Courtesy Denver Summit FC

[TakeFive]

The 5280 Trail is finally happening (for two blocks)
Sep. 18, 2026 Paolo Zialcita -- Denverite

The Denver City Council is set to award an $11.3 million contract to Sema Construction for the development of a trail segment along Acoma Street from 10th to 12th avenues. Construction on two blocks of Acoma Street, just south of the Denver Art Museum and Denver Public Library’s Central facility, is expected to start this fall, according to a city timeline.

Design for the initial segment show an Acoma Street that looks almost like a plaza. Instead of the current car-centric design, the space for vehicular traffic has been narrowed so the sidewalks can be used for gardens, seating areas and more.

Per Denver Department of Transportation and Infrastructure

[TakeFive]

Just when you thought it couldn't get any worse...

More Developments Getting Mothballed Because Of Spiking Costs
September 27, 2026 by Jarred Schenke, Atlanta Bisnow

Developers around the country are continuing to scrap commercial projects as soaring diesel prices and the rising cost of construction materials are breaking the budgets of long-planned undertakings.

Lenders Warn Commercial Real Estate's 'Day Of Reckoning' Is Close At Hand
October 1, 2026 By Sasha Jones, New York City Bisnow

Soaring 10-year Treasury yields have thrown ice-cold water on CRE’s typically unrelenting optimism.

As the 10-year climbed, some of the industry’s largest players — already battered by high construction costs, inflation and geopolitical upheaval — watched the historic upswing from Bisnow’s National Commercial Real Estate Finance Event and agreed that times were about to get a lot tougher.

Not sure about this; sounds a bit premature.

The investors and lenders at the event said real estate values are likely to come down because of the higher rates, creating buying opportunities.

“It will be painful for some legacy operators who got wiped out,” Dansker added. “But it will ultimately be positive for everyone in terms of resetting basis.”

[TakeFive]

Rather Unique

AI Overview

Texas de Brazil is opening a new location in the Belmar shopping district of Lakewood, Colorado, after securing a $3 million real estate deal.
According to reports from BusinessDen, the deal involves the prominent corner of Alaska Drive and Saulsbury Street within the 22-block open-air lifestyle center.

The property's landlord, Bridge33 Capital, agreed to the unique structural deal to bring the popular churrascaria to Lakewood. The addition aligns with ongoing efforts by Bridge33 Capital to revitalize Belmar by mixing retail with highly recognized, high-foot-traffic experiential dining and wellness spaces

Belmar Shopping Center


Credit Continuum Partners

Continuum, the developer, made a nice profit because their buyer paid too much and ended up giving it back to the lender. Bridge33 Capital then bought it at the bargain bin.

[DenvertoLA]

just discoverd this website. prob not new to most, but it's great
https://mmgrea.com/denver-northern-colorado-front-range-q3-2026-pipeline-report