RiNo’s Industry Denver office building hits the market just over half leased

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The Industry Denver building at 3001 Brighton Blvd. is for sale. (Thomas Gounley/BusinessDen)

The Industry Denver office building in RiNo is up for sale.

The two-story, 148,838-square-foot structure at 3001 Brighton Blvd. — a mix of adaptive reuse and new construction — is 59 percent leased, according to marketing materials prepared by CBRE.

For comparison, in mid-2016, ownership said it was 94 percent leased.

The marketing materials don’t list a price. The property also includes an adjacent five-story parking garage with 275 spaces.

The building’s advertised vacancy rate doesn’t account for current tenants seeking to sublet their space. CorePower Yoga has listed its 30,000 square feet, which accounts for 20 percent of the building, for sublease and is open to a deal for some or all of the space, a company spokeswoman said.

The property is majority owned by New York-based Clarion Partners, which took control as part of a 2015 recapitalization. The founders of Industry, part of parent company Q Factor, retained a partial ownership stake, The Denver Post reported at the time. The deal was structured in such a way that the property’s valuation at the time wasn’t made public.

Q Factor continues to operate the building, but it doesn’t have a master lease for the space, as most other coworking operators do.

Industry Denver broke ground in 2013, and the first phase was completed the next year, making it one of the earlier projects to transform the Brighton Boulevard corridor.

Industry Denver is one of two Industry office buildings in RiNo. The other is Industry RiNo Station at 3827 Lafayette St., which was completed in late 2017. It is not being marketed for sale.

Q Factor, led by former Downtown Denver Partnership CEO Tami Door, is also working on Industry coworking locations in Detroit and Bozeman, Montana. And the firm is doing larger Industry-anchored developments in Salt Lake City and Oklahoma City.

Clarion also co-owns the Market Station project in downtown Denver with Denver-based Continuum Partners. That project includes office and retail space, as well as apartments.

POSTED IN Commercial Real Estate

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