A development firm has traded buildings with a Platte Street staple.
Trammell Crow Co. bought Empire Staple Co.’s former headquarters at 1710 Platte St. last week for $12 million. The buy was part of a swap that gave Empire Staple Co. a new headquarters at a Trammell Crow industrial park and leaves Trammell Crow with piece of land in a hot neighborhood.
“We’ve had a lot of time to put plans together so we’re working away on that,” said Bill Mosher, a Trammell Crow senior managing director. “We won’t get possession of the building until April, so hopefully we’ll start sometime thereafter. The shorter time we own the land before we start development, the better.”
The sale includes Empire’s 14,765-square-foot office building and 1.37 acres of land across the street from the Denver Beer Co. and next to Galvanize’s Platte Street co-working space.
Mosher said he hopes to release a finalized development plan in the next couple of weeks. The site’s zoning allows for up to five stories of commercial development.
The deal closed Feb. 25, according to Denver real estate records. On the same day, Empire Staple Co. owner Bill Spicer bought a new Adams County headquarters from Trammell Crow for $7.9 million. That 61,000-square-foot building sits on 4.8 acres of land near 55th Avenue and Lincoln Street.
Mosher said Empire Staple Co. has moved some inventory into the new building already and should open its new office to the public on March 14. Empire Staple Co. has about one month to vacate the Platte Street site, Mosher said.
Empire Staple Co. opened in 1952. It sells electric and pneumatic power tools, safety products, shipping materials, and other construction and packaging-related products.
Empire’s new building is one of four industrial buildings Trammell Crow is building at Crossroads Commerce Park, which covers about 60 acres of land straddling the Denver-Adams County line.
Trammell Crow built the other three warehouses without any leases signed, and since has leased 127,000 square feet to American Tire Distributors. If construction runs on schedule, Mosher said the three speculative buildings will be finished between May and June.