Privately owned global real estate investment firm and sponsor to non-traded REITs, Hines, announced the signing of two important leases yesterday at its Lower Downtown Denver, Class A office building, which will be completed in early July.
Located in the Central Platte Valley district, 1601 Wewatta contains 300,000 rentable square feet and was developed as a joint venture between Hines and Denver real estate firm, Jordon Perlmutter & Co., as well as institutional investors advised by J.P. Morgan Asset Management.
Hogan Lovells LLP has signed a 15-year lease for approximately 70,000 square feet in the building’s top two and a half floors that will commence in 2016. Colorado Athletic Club signed a lease for the building’s 38,000 square foot second floor.
“We are very pleased to announce these first two preeminent tenants in our building,” commented Hines Director Gordy Stofer. He continued, “Hines has had a 30 plus-year relationship with Hogan Lovells in Washington D.C., and we are very proud that they have chosen to build on that relationship with us here in Denver.” Mr. Stofer added, “Additionally, with Colorado Athletic Club as the premier health club operator in the Denver area, they will provide an unmatched amenity to both our building and the Union Station neighborhood. We’re confident of their long-term success here.”
Designed by the Washington, D.C. firm, HOK, the 10-story building will feature 17,000 square feet of retail space on the first floor and will contain 238,000 square feet of office space. Adjacent to Union Station, 1601 Wewatta will provide 400 subterranean parking spaces and is LEED® Gold Pre-certified.
Founded in 1957, Hines currently has $84.9 billion of assets under management and in 2014 facilitated over $8 billion in transactions for its investment management clients. The company has a presence in 19 countries and its current property and asset management portfolio includes 511 properties.