The Mile High City has its first office building groundbreaking of 2024.
Denver-based Magnetic Capital held a ceremony Friday morning to mark the start of construction on a five-story, 100,000-square-foot building at the corner of 2nd Avenue and Adams Street in Cherry Creek.
Managing Partner Chris Carroll told BusinessDen the planned building at 3250 E. 2nd Ave. is 70 percent leased. That includes 50,000 square feet of its office space, and all 20,000 square feet of its retail space, which will include food and beverage concepts on the first floor and rooftop.
Just one tenant has been announced: Bow River Capital. The private alternative asset manager, which is currently based in Cherry Creek’s Financial House building, will move its headquarters into 30,000 square feet at 2nd & Adams.
“This project represents the future of Cherry Creek,” Carroll said during the ceremony.
He teased an unnamed “top 10 operator in the world” with James Beard and Michelin awards that has agreed to move into the building.
A rendering of the building going up at 3250 E. 2nd Ave. in Denver. (Courtesy Magnetic Capital)
2nd & Adams is being developed on 0.43 acres that Magnetic bought for $760 a square foot.
The firm initially bought 0.29 acres on the corner from Bow River CEO Blair Richardson in late 2022 for $10 million. This past February, records show, the firm paid $4.25 million for an adjacent parcel after getting it rezoned. The latter deal allowed the planned building to expand from its original size, which was closer to 60,000 square feet.
Across the United States, few developers are embarking on new office projects due to reduced leasing demand, and higher interest rates and construction costs. But Cherry Creek has been a notable exception. At one point in 2022, four different office buildings were under construction in the neighborhood.
With the groundbreaking of 2nd & Adams, there are now two underway — the other being the future headquarters of Antero Resources Corp. being developed at 2nd and Fillmore by Schnitzer West and Brue Baukol Capital Partners. That project broke ground last fall.
Dan Huml, Magnetic’s founder and other managing partner, called Cherry Creek “a market that everyone in the country is talking about.”
Oz Architecture designed 2nd & Adams. Mortenson Construction is the general contractor. Blake Holcomb, Brian Hutt and Allison Berry of CBRE are marketing the office space.
The Mile High City has its first office building groundbreaking of 2024.
Denver-based Magnetic Capital held a ceremony Friday morning to mark the start of construction on a five-story, 100,000-square-foot building at the corner of 2nd Avenue and Adams Street in Cherry Creek.
Managing Partner Chris Carroll told BusinessDen the planned building at 3250 E. 2nd Ave. is 70 percent leased. That includes 50,000 square feet of its office space, and all 20,000 square feet of its retail space, which will include food and beverage concepts on the first floor and rooftop.
Just one tenant has been announced: Bow River Capital. The private alternative asset manager, which is currently based in Cherry Creek’s Financial House building, will move its headquarters into 30,000 square feet at 2nd & Adams.
“This project represents the future of Cherry Creek,” Carroll said during the ceremony.
He teased an unnamed “top 10 operator in the world” with James Beard and Michelin awards that has agreed to move into the building.
A rendering of the building going up at 3250 E. 2nd Ave. in Denver. (Courtesy Magnetic Capital)
2nd & Adams is being developed on 0.43 acres that Magnetic bought for $760 a square foot.
The firm initially bought 0.29 acres on the corner from Bow River CEO Blair Richardson in late 2022 for $10 million. This past February, records show, the firm paid $4.25 million for an adjacent parcel after getting it rezoned. The latter deal allowed the planned building to expand from its original size, which was closer to 60,000 square feet.
Across the United States, few developers are embarking on new office projects due to reduced leasing demand, and higher interest rates and construction costs. But Cherry Creek has been a notable exception. At one point in 2022, four different office buildings were under construction in the neighborhood.
With the groundbreaking of 2nd & Adams, there are now two underway — the other being the future headquarters of Antero Resources Corp. being developed at 2nd and Fillmore by Schnitzer West and Brue Baukol Capital Partners. That project broke ground last fall.
Dan Huml, Magnetic’s founder and other managing partner, called Cherry Creek “a market that everyone in the country is talking about.”
Oz Architecture designed 2nd & Adams. Mortenson Construction is the general contractor. Blake Holcomb, Brian Hutt and Allison Berry of CBRE are marketing the office space.
