The T3 office building as seen on Oct. 1, 2023. (Thomas Gounley/BusinessDen)
The nascent RiNo office market may be on the verge of landing its biggest tenant yet.
Xcel Energy is pursuing a lease of all the office space in the T3 office building nearing completion at 3500 Blake St., according to multiple sources familiar with the deal.
T3 broke ground in late 2021 and is being developed by Houston-based Hines, Chicago-based McCaffery and Canadian investment firm Ivanhoe Cambridge. The firms have described the building in press releases as 235,000 square feet.
Hines declined to comment. Xcel spokesman Tyler Bryant responded to BusinessDen with a statement that didn’t mention T3.
“Over the last year Xcel Energy has been evaluating options in the Denver market. We have not concluded our decision making process,” Bryant said in an email.
The space would serve as Xcel’s Denver office, replacing the existing one at 1800 Larimer St. Bryant said Xcel leases 291,236 square feet in the 22-story building; the lease expires in June 2025. The 1800 Larimer building is owned by Boston-based Beacon Capital Partners, which paid $291 million for it in early 2022.
Xcel’s Denver office has 291,000 square feet at 1800 Larimer St. (BusinessDen file)
An Xcel lease of the full T3 building, not counting its retail space, would make it the largest tenant in RiNo. But the deal would be a loss for LoDo and downtown, resulting in another large chunk of vacant office space.
RiNo’s status as a Denver office submarket is on the rise.
The formerly industrial section of Five Points has just a handful of large office buildings, all completed within the past decade. But Schnitzer West’s 230,000-square-foot Current building at 3615 Delgany St. opened in July. And three more are under construction.
T3 and Paradigm at 3400 Walnut St., which is being developed by Denver-based Perlmutter & Co. and New York-based Rockefeller Group, are expected to wrap up in coming months. And Beacon and Denver-based Elevation Development Group broke ground in February on Steel House at 3100 Brighton Blvd. The three buildings will collectively add about 700,0000 square feet of office space to the market.
Minnesota-based Mortenson is also building office space in RiNo, but the project at 3083 Walnut St. is smaller and Mortenson will occupy a majority of the space.
The T3 office building as seen on Oct. 1, 2023. (Thomas Gounley/BusinessDen)
The nascent RiNo office market may be on the verge of landing its biggest tenant yet.
Xcel Energy is pursuing a lease of all the office space in the T3 office building nearing completion at 3500 Blake St., according to multiple sources familiar with the deal.
T3 broke ground in late 2021 and is being developed by Houston-based Hines, Chicago-based McCaffery and Canadian investment firm Ivanhoe Cambridge. The firms have described the building in press releases as 235,000 square feet.
Hines declined to comment. Xcel spokesman Tyler Bryant responded to BusinessDen with a statement that didn’t mention T3.
“Over the last year Xcel Energy has been evaluating options in the Denver market. We have not concluded our decision making process,” Bryant said in an email.
The space would serve as Xcel’s Denver office, replacing the existing one at 1800 Larimer St. Bryant said Xcel leases 291,236 square feet in the 22-story building; the lease expires in June 2025. The 1800 Larimer building is owned by Boston-based Beacon Capital Partners, which paid $291 million for it in early 2022.
Xcel’s Denver office has 291,000 square feet at 1800 Larimer St. (BusinessDen file)
An Xcel lease of the full T3 building, not counting its retail space, would make it the largest tenant in RiNo. But the deal would be a loss for LoDo and downtown, resulting in another large chunk of vacant office space.
RiNo’s status as a Denver office submarket is on the rise.
The formerly industrial section of Five Points has just a handful of large office buildings, all completed within the past decade. But Schnitzer West’s 230,000-square-foot Current building at 3615 Delgany St. opened in July. And three more are under construction.
T3 and Paradigm at 3400 Walnut St., which is being developed by Denver-based Perlmutter & Co. and New York-based Rockefeller Group, are expected to wrap up in coming months. And Beacon and Denver-based Elevation Development Group broke ground in February on Steel House at 3100 Brighton Blvd. The three buildings will collectively add about 700,0000 square feet of office space to the market.
Minnesota-based Mortenson is also building office space in RiNo, but the project at 3083 Walnut St. is smaller and Mortenson will occupy a majority of the space.
