Renovations are underway on the JP Plaza building at 1601 Blake St. in Denver. (Matt Geiger/BusinessDen)
Sean Perlmutter wants to “complete the corner” of 16th and Blake in lower downtown.
“Right now we have Market Station, we have Sugar Cube, we have Market Square … and then there’s us,” the 36-year-old partner with Jordon Perlmutter & Co. said. “All of those are newer buildings, it’s time for us to do our renovation.”
The six-story, 65,000-square-foot office building at 1601 Blake St. is known as JP Plaza, after Jordon Perlmutter & Co., which has owned it since 1984 and has its headquarters on the top floor. The company is spending nearly $4 million renovating the building and prepping for a new retail tenant.
Perlmutter said that the company, whose holdings also include apartments, shopping centers and warehouses, prefers to hold properties for longer than traditional investment firms.
“I think 16th and Blake is a perfect example of that,” he said. “I mean, it’s the main and main intersection in LoDo. It’s the center of the bullseye. That gives us the confidence that, that location, it’s a forever location.”
Sean Perlmutter is a partner at Denver’s Jordon Perlmutter & Co. (Matt Geiger/BusinessDen)
The upgrades and changes to the building include expanding its retail space closer to the street, a new lobby with bronze and wood finishes, and putting an outdoor terrace on the fourth floor, which is vacant. The building’s second floor is also empty, along with some move-in ready suites on the third floor.
Work on the project started in May 2023 and is expected to be completed by this November.
“It’s going to be an AA building when we’re done with it,” Perlmutter said.
Huntington Bank, based in Columbus, Ohio, will be taking up the vacant retail space on the ground floor next to an AT&T store. The bank will spend nearly $750,000 to build out its branch, public records show.
Though the Perlmutters have held the building for decades, they also know that “office is changing,” Sean Perlmutter said. Additional evidence of that can be seen in RiNo, where Perlmutter just delivered the former warehouse district’s third new office building in a year.
Paradigm River North, completed last month, stands eight stories tall and spans 200,000 square feet. Newmark is leasing out the office space. Denver-based Tryba Architects designed the building, as well as the renovations at JP Plaza.
“What attracted us to RiNo is that it has all the amenities that tenants want,” Perlmutter said.
One of those amenities are the “cotenancy” of the other newly built office buildings nearby, he added. A block away, the new T3 building has been fully leased by Xcel Energy.
To complement those buildings and other surrounding attractions — breweries, music venues, restaurants and the like — Perlmutter and New York-based development partner Rockefeller Group chose to put in many amenities of their own in the new space. One example: an app for building access, allowing tenants to enter with their phones, with no key cards necessary.
The Paradigm River North building at 3400 Walnut St. was developed by Jordon Perlmutter & Co. and Rockefeller Group. (Courtesy Virtuance)
Below ground is a parking garage with a complementary valet service for all tenants. The first floor is a mix of retail and lobby with a gym and shower rooms. The retail space is divided in two, flanking either side of the lobby. Perlmutter said he’s targeting a restaurant for one of the spaces, which comes with an outdoor patio.
Above the ground floor are seven levels of varying office space. The second floor has a shared 50-seat conference room, and move-in ready suites for tenants not seeking to build out their own area. Perlmutter may do the same on the third floor. Floors four and five are being left unaltered for companies that want to build out their own space.
The top three stories have already been leased to law firm Davis Graham & Stubbs, which is building a private staircase connecting its space.
“Tenants want to be in the newest, best, most highly amenitized buildings in the most vibrant, walkable areas, which we are,” Perlmutter said. “So, I think that, combined with the fact that a lot of projects are not financially feasible right now, means that there’s only a handful of buildings that we’ll be competing with.”
Renovations are underway on the JP Plaza building at 1601 Blake St. in Denver. (Matt Geiger/BusinessDen)
Sean Perlmutter wants to “complete the corner” of 16th and Blake in lower downtown.
“Right now we have Market Station, we have Sugar Cube, we have Market Square … and then there’s us,” the 36-year-old partner with Jordon Perlmutter & Co. said. “All of those are newer buildings, it’s time for us to do our renovation.”
The six-story, 65,000-square-foot office building at 1601 Blake St. is known as JP Plaza, after Jordon Perlmutter & Co., which has owned it since 1984 and has its headquarters on the top floor. The company is spending nearly $4 million renovating the building and prepping for a new retail tenant.
Perlmutter said that the company, whose holdings also include apartments, shopping centers and warehouses, prefers to hold properties for longer than traditional investment firms.
“I think 16th and Blake is a perfect example of that,” he said. “I mean, it’s the main and main intersection in LoDo. It’s the center of the bullseye. That gives us the confidence that, that location, it’s a forever location.”
Sean Perlmutter is a partner at Denver’s Jordon Perlmutter & Co. (Matt Geiger/BusinessDen)
The upgrades and changes to the building include expanding its retail space closer to the street, a new lobby with bronze and wood finishes, and putting an outdoor terrace on the fourth floor, which is vacant. The building’s second floor is also empty, along with some move-in ready suites on the third floor.
Work on the project started in May 2023 and is expected to be completed by this November.
“It’s going to be an AA building when we’re done with it,” Perlmutter said.
Huntington Bank, based in Columbus, Ohio, will be taking up the vacant retail space on the ground floor next to an AT&T store. The bank will spend nearly $750,000 to build out its branch, public records show.
Though the Perlmutters have held the building for decades, they also know that “office is changing,” Sean Perlmutter said. Additional evidence of that can be seen in RiNo, where Perlmutter just delivered the former warehouse district’s third new office building in a year.
Paradigm River North, completed last month, stands eight stories tall and spans 200,000 square feet. Newmark is leasing out the office space. Denver-based Tryba Architects designed the building, as well as the renovations at JP Plaza.
“What attracted us to RiNo is that it has all the amenities that tenants want,” Perlmutter said.
One of those amenities are the “cotenancy” of the other newly built office buildings nearby, he added. A block away, the new T3 building has been fully leased by Xcel Energy.
To complement those buildings and other surrounding attractions — breweries, music venues, restaurants and the like — Perlmutter and New York-based development partner Rockefeller Group chose to put in many amenities of their own in the new space. One example: an app for building access, allowing tenants to enter with their phones, with no key cards necessary.
The Paradigm River North building at 3400 Walnut St. was developed by Jordon Perlmutter & Co. and Rockefeller Group. (Courtesy Virtuance)
Below ground is a parking garage with a complementary valet service for all tenants. The first floor is a mix of retail and lobby with a gym and shower rooms. The retail space is divided in two, flanking either side of the lobby. Perlmutter said he’s targeting a restaurant for one of the spaces, which comes with an outdoor patio.
Above the ground floor are seven levels of varying office space. The second floor has a shared 50-seat conference room, and move-in ready suites for tenants not seeking to build out their own area. Perlmutter may do the same on the third floor. Floors four and five are being left unaltered for companies that want to build out their own space.
The top three stories have already been leased to law firm Davis Graham & Stubbs, which is building a private staircase connecting its space.
“Tenants want to be in the newest, best, most highly amenitized buildings in the most vibrant, walkable areas, which we are,” Perlmutter said. “So, I think that, combined with the fact that a lot of projects are not financially feasible right now, means that there’s only a handful of buildings that we’ll be competing with.”
