Colorado Real Estate Journal - July 1, 2015
Downtown Denver isn’t the city it was when the last skyscraper went up 32 years ago, and its skyline won’t look the same 2½ years from now. Hines’ newest speculative office building – 1144 Fifteenth – will be among the tallest buildings in downtown Denver, a gleaming glass structure rising 40 stories. “This will be the most iconic structure in downtown Denver,” Paul Washington, executive director of the Denver Office of Economic Development and International Trade, said at the recent groundbreaking for 1144 Fifteenth. “Downtown Denver is extremely vibrant, and it’s because of projects like this that we continue to be one of the hottest real estate markets, one of the hottest economies in the country.” The building has been a gleam in the eye of Hines Managing Director Jay Despard for a decade. “I can’t believe it is actually happening,” he said. “This is a big deal for everyone who’s been involved. It’s also a big deal for Denver.” Noting that the average downtown Denver office building is more than 30 years old, Despard said 1144 Fifteenth will be like dropping a 2015 Tesla next to a 1983 Jeep Wagoner. The 662,300-square-foot building designed by Pickard Chilton will feature 27 floors of office space over a 13-story podium with retail, restaurants and a 5,000-sf state-of-the-art fitness facility. Typical floors will have 10-foot ceilings, 25,000-sf floor plates, and floor-to-ceiling glass. JLL is heading the leasing effort. “To attract the best and brightest talent, corporate users are demanding best-in-class assets with modern amenities in irreplaceable locations,” said Barry Dorfman, president of JLL’s Rocky Mountain Region. “With this project, Hines will deliver this to the Denver market for the first time in over 30 years.” General contractor Hensel Phelps will complete 1144 Fifteenth in January 2018. Hines has been active in the Denver market since 1982, developing the iconic Wells Fargo Center (“the cash register building”), 1515 Wynkoop, 1601 Wewatta and other notable office buildings. It owns and manages more than 1 million sf downtown, and in the southeast suburban and northwest submarkets.