Real estate broker Tim Richey has joined Newmark after a decade at CBRE. (Courtesy Newmark)
A broker that specializes in selling the towers forming downtown Denver’s skyline has jumped to a new firm.
Newmark said Tuesday that it has hired Tim Richey to focus on office and multifamily sales in Colorado and around the region. His official title is executive vice chairman of capital markets.
Richey spent the last decade at CBRE, where his title was vice chairman of capital markets and institutional properties. For much of that time, he worked with Mike Winn. The era of Winn-Richey, as the pair’s team were known, came to an end in 2020 when Winn retired.
Richey continued to close deals at CBRE in conjunction with other team members, including Chad Flynn, Jenny Knowlton and Charley Will.
Richey brokered the $129 million December sale of the Riverview building at 1700 Platte St., which was Denver’s biggest office sale of 2023. In 2022, he worked the $233 million sale of the 22-story office tower at 1401 Lawrence St. A month before the pandemic hit in 2020, he helped sell more than a million square feet across two buildings to real estate giant Brookfield for $400 million.
Newmark said in a news release Tuesday that Richey has closed over $20 billion in transactions over his career, including “advising on 70 percent of high-rise office sales across the Denver Skyline.” Prior to joining CBRE, Richey worked at Cushman & Wakefield and Grubb & Ellis.
Richey told BusinessDen that Newmark “has made a very obvious and concerted effort to invest in its capital markets platform,” citing the firm’s technology, new hires and access to capital.
“My perception is that Newmark is kind of the hot hand in the market,” Richey said.
Richey said marketing office buildings for sale has been “extremely challenging, extremely interesting” since the pandemic. The current environment is “maybe the most opportunistic for buyers that I’ve seen in my entire career.”
“We’re not going to be in a depressed leasing environment for much longer,” he said, noting that office demand has bounced back after previous challenges like 9/11 and the financial crisis.
Richey said he believes Denver in particular is poised to do well as a “live-work-play” city that offers access to the outdoors.
Not every building stands to benefit. Richey said he thinks about “at least 10 percent” of downtown Denver’s office space is “functionally obsolete.” He’s personally a fan of the idea of residential conversion, he said, but the economics of the projects are challenging and it will likely come down to government subsidies.
Jack Richey
More than one Richey will be showing up to work at 1800 Larimer St., where Newmark has its downtown office. The company announced Tuesday that it has also hired Tim Richey’s son, Jack Richey, as an associate director focusing on multifamily deals. The younger Richey also previously worked at CBRE.
Richey said he didn’t work with Jack at CBRE because his son was on the multifamily side. But he will do so at Newmark where his role expands to include deals in that sector.
“It’s awesome,” he said of working with his son, who is in his mid-twenties. “It’s driven by his desire and his interest in having me bring him closer under my wing.”
Richey has two children. His daughter also works in real estate.
“We have plenty of real estate exposure, professionally, in the family,” he said.
CBRE didn’t respond to a request for comment on the moves.
Editor’s note: This story has been updated with comment from Tim Richey.
Real estate broker Tim Richey has joined Newmark after a decade at CBRE. (Courtesy Newmark)
A broker that specializes in selling the towers forming downtown Denver’s skyline has jumped to a new firm.
Newmark said Tuesday that it has hired Tim Richey to focus on office and multifamily sales in Colorado and around the region. His official title is executive vice chairman of capital markets.
Richey spent the last decade at CBRE, where his title was vice chairman of capital markets and institutional properties. For much of that time, he worked with Mike Winn. The era of Winn-Richey, as the pair’s team were known, came to an end in 2020 when Winn retired.
Richey continued to close deals at CBRE in conjunction with other team members, including Chad Flynn, Jenny Knowlton and Charley Will.
Richey brokered the $129 million December sale of the Riverview building at 1700 Platte St., which was Denver’s biggest office sale of 2023. In 2022, he worked the $233 million sale of the 22-story office tower at 1401 Lawrence St. A month before the pandemic hit in 2020, he helped sell more than a million square feet across two buildings to real estate giant Brookfield for $400 million.
Newmark said in a news release Tuesday that Richey has closed over $20 billion in transactions over his career, including “advising on 70 percent of high-rise office sales across the Denver Skyline.” Prior to joining CBRE, Richey worked at Cushman & Wakefield and Grubb & Ellis.
Richey told BusinessDen that Newmark “has made a very obvious and concerted effort to invest in its capital markets platform,” citing the firm’s technology, new hires and access to capital.
“My perception is that Newmark is kind of the hot hand in the market,” Richey said.
Richey said marketing office buildings for sale has been “extremely challenging, extremely interesting” since the pandemic. The current environment is “maybe the most opportunistic for buyers that I’ve seen in my entire career.”
“We’re not going to be in a depressed leasing environment for much longer,” he said, noting that office demand has bounced back after previous challenges like 9/11 and the financial crisis.
Richey said he believes Denver in particular is poised to do well as a “live-work-play” city that offers access to the outdoors.
Not every building stands to benefit. Richey said he thinks about “at least 10 percent” of downtown Denver’s office space is “functionally obsolete.” He’s personally a fan of the idea of residential conversion, he said, but the economics of the projects are challenging and it will likely come down to government subsidies.
Jack Richey
More than one Richey will be showing up to work at 1800 Larimer St., where Newmark has its downtown office. The company announced Tuesday that it has also hired Tim Richey’s son, Jack Richey, as an associate director focusing on multifamily deals. The younger Richey also previously worked at CBRE.
Richey said he didn’t work with Jack at CBRE because his son was on the multifamily side. But he will do so at Newmark where his role expands to include deals in that sector.
“It’s awesome,” he said of working with his son, who is in his mid-twenties. “It’s driven by his desire and his interest in having me bring him closer under my wing.”
Richey has two children. His daughter also works in real estate.
“We have plenty of real estate exposure, professionally, in the family,” he said.
CBRE didn’t respond to a request for comment on the moves.
Editor’s note: This story has been updated with comment from Tim Richey.
