A scene from Wednesday’s groundbreaking ceremony. (Courtesy Mortenson)
There’s another office building under construction in RiNo, and this time the developer is moving in.
Minneapolis-based Mortenson held a groundbreaking ceremony Wednesday to mark the start of construction on a four-story, 65,000-square-foot building at 3083 Walnut St.
The company plans to move its Denver office, currently at 1621 18th St., to the building.
Mortenson will occupy about 37,000 square feet on the second and third floors, the company said in a news release. The remaining space on the first and fourth floors is available for lease.
The building designed by Open Studio Architecture is expected to be completed in the fourth quarter of 2024.
A rendering of the building at 3083 Walnut St. in Denver. (Courtesy Mortenson)
Mortenson purchased the 0.43-acre site at the corner of 31st and Walnut in 2021 for $4.87 million. It was a parking lot at the time.
Taber Sweet, Mortenson’s Denver-based director of real estate development, said at the time that the company decided it wanted to own its local office space, either by buying an existing asset or developing a new building. The company had zeroed in on LoHi and RiNo as preferred spots when the parking lot hit the market.
Mortenson is a major general contractor that also develops some projects. The RiNo building is one of two the company is developing locally. The other is an eight-story apartment project south of Mile High stadium.
“Mortenson has been here for more than four decades now, but this is our first ground-up home, which is a big deal for us as builders,” Brian Fitzpatrick, vice president and general manager of Mortenson Denver, said in a statement.
The structure is the smallest of the five office buildings now under construction in RiNo. The others are:
The Current, at 3615 Delgany St., is being developed by Seattle-based Schnitzer West and nearing completion. Law firm Moye White and accounting firm Wipfli have leased space.
T3, at 3500 Blake St., is being developed by Houston-based Hines, Chicago-based McCaffery Investments and Canadian investment firm Ivanhoe Cambridge. No tenants have been announced for the project expected to deliver in the fourth quarter.
Paradigm, at 3400 Walnut St., is expected to be completed in early 2024 by Denver-based Jordon Perlmutter & Co. and New York-based Rockefeller Group. Law firm Davis Graham & Stubbs has leased 80,000 square feet, or 40 percent of the building.
Steelhouse, at 3100 Brighton Blvd., is being developed by Boston-based Beacon Capital Partners and Denver-based Elevation Development Group. It broke ground in February and is expected to be completed next year. No tenants have been announced.
Despite the surge of new development, questions remain about the appetite for office space in RiNo. The Rev360 building, at 3600 Brighton Blvd., remains vacant nearly two years after completion. Hub North, completed in 2020 at 3660 Blake St., also has significant vacancy.
A scene from Wednesday’s groundbreaking ceremony. (Courtesy Mortenson)
There’s another office building under construction in RiNo, and this time the developer is moving in.
Minneapolis-based Mortenson held a groundbreaking ceremony Wednesday to mark the start of construction on a four-story, 65,000-square-foot building at 3083 Walnut St.
The company plans to move its Denver office, currently at 1621 18th St., to the building.
Mortenson will occupy about 37,000 square feet on the second and third floors, the company said in a news release. The remaining space on the first and fourth floors is available for lease.
The building designed by Open Studio Architecture is expected to be completed in the fourth quarter of 2024.
A rendering of the building at 3083 Walnut St. in Denver. (Courtesy Mortenson)
Mortenson purchased the 0.43-acre site at the corner of 31st and Walnut in 2021 for $4.87 million. It was a parking lot at the time.
Taber Sweet, Mortenson’s Denver-based director of real estate development, said at the time that the company decided it wanted to own its local office space, either by buying an existing asset or developing a new building. The company had zeroed in on LoHi and RiNo as preferred spots when the parking lot hit the market.
Mortenson is a major general contractor that also develops some projects. The RiNo building is one of two the company is developing locally. The other is an eight-story apartment project south of Mile High stadium.
“Mortenson has been here for more than four decades now, but this is our first ground-up home, which is a big deal for us as builders,” Brian Fitzpatrick, vice president and general manager of Mortenson Denver, said in a statement.
The structure is the smallest of the five office buildings now under construction in RiNo. The others are:
The Current, at 3615 Delgany St., is being developed by Seattle-based Schnitzer West and nearing completion. Law firm Moye White and accounting firm Wipfli have leased space.
T3, at 3500 Blake St., is being developed by Houston-based Hines, Chicago-based McCaffery Investments and Canadian investment firm Ivanhoe Cambridge. No tenants have been announced for the project expected to deliver in the fourth quarter.
Paradigm, at 3400 Walnut St., is expected to be completed in early 2024 by Denver-based Jordon Perlmutter & Co. and New York-based Rockefeller Group. Law firm Davis Graham & Stubbs has leased 80,000 square feet, or 40 percent of the building.
Steelhouse, at 3100 Brighton Blvd., is being developed by Boston-based Beacon Capital Partners and Denver-based Elevation Development Group. It broke ground in February and is expected to be completed next year. No tenants have been announced.
Despite the surge of new development, questions remain about the appetite for office space in RiNo. The Rev360 building, at 3600 Brighton Blvd., remains vacant nearly two years after completion. Hub North, completed in 2020 at 3660 Blake St., also has significant vacancy.
