A coworking brand that has operated in RiNo for two years is expanding its footprint to the Denver Tech Center.
Denver-based Focus Property Group, which operates Enterprise Coworking, said Wednesday that it paid $10 million for the 70,000-square-foot office building at 5500 Greenwood Plaza Blvd. in Greenwood Village.
Focus vice president Josh Fine said the company plans to convert about 18,000 vacant square feet into Enterprise’s second location. The remainder of the building is leased to seven tenants, the largest of which is online retailer eBags.
The coworking brand launched a venue in 66,000 square feet at 3000 Lawrence St. in Denver in June 2016.
“It’s packed and doing well, so we wanted to expand the business,” Fine said. “The suburban and south suburban market is very underserved for coworking.”
As a development and real estate investment firm, which also runs self-storage brand Greenbox, Focus wants to own the buildings that offer coworking. It purchased the property from McKinley Freeway Center II Inc, which paid $3.95 million for it in December 2005, according to Arapahoe County records.
Larry Thiel, David Shapiro and Brad Cohen of Transwestern represented the seller.
Fine said Focus likes that the building is a short walk from the Orchard light rail station and restaurants. Coworking works best in more urban environments, he said, so Focus looked for an area that would replicate that despite being in the suburbs.
Fine said Focus had been looking for a location in Greenwood Village for a year, and at one point was under contract for a different building.
It expects to spend $2 million on the new site – mostly to build the Enterprise space, Fine said.
Rates at Enterprise’s RiNo location start at $99 per month for access from 8 a.m. to 5 p.m. Monday through Friday, not including a dedicated space. Rates top out at $25,000 per month for the largest suite, which Fine said can hold 50 people.
Focus also has a third Enterprise location in the works. Earlier this year, the company submitted a plan to the city proposing a three-story structure at 2420 Larimer St. in Denver. Fine said Wednesday that the upper two floors would be set aside for coworking.