(DENVER) – Hines, the international real estate firm, in conjunction with Jordon Perlmutter & Co., held a groundbreaking ceremony celebrating the start of construction on 1601 Wewatta, a new Class A, 300,000-rentable-square-foot office building located in the Central Platte Valley district of Lower Downtown (LoDo) Denver.
The site is directly adjacent to the $480 million Union Station redevelopment project that is transforming the historic Union Station building into Denver’s premier multi-modal hub for light rail, commuter rail and bus transit.
Hines will be developing the project in a joint venture with Jordon Perlmutter & Co., the current owner of the site, and JPMorgan Chase, who was recently selected to be the third-party equity partner for the project.
Dignitaries presiding at the ceremony were: Jay Perlmutter, principal, Jordon Perlmutter & Co.; and Ken Lund, executive director of the Colorado Office of Economic Development and International Trade; Mark Cover, CEO of Hines’ Southwest Regional Office; and Charles Elder, senior managing director, Hines.
“1601 Wewatta will set a new standard for Denver’s Class A space, with its combination of world-class architecture and all the features of state-of-the-art office space in an irreplaceable location,” said Elder.
“We are excited to have the opportunity to develop another landmark structure in LoDo.”
“We are pleased to have this exciting new project underway, and are confident that it will resonate with the community,” added Hines Director Gordy Stofer.
“The project is being developed on a speculative basis, which is a strong testament to both the strength of the LoDo submarket dynamics and the Hines, Perlmutter and JPMorgan Chase project sponsorship. Construction activity will visibly increase in the next 45 days which will continue to generate interest and excitement from prospective tenants.”
“The redevelopment of Union Station that is unfolding before our eyes is a tremendous story for Denver, and we are thrilled to be a part of it,” added Perlmutter.
“This is truly a one-of-kind location.”
The building, designed by HOK Architects out of Washington, D.C., features an iconic design that will set a new architectural standard in LoDo. The 10-story building will contain approximately 283,000 square feet of office space with 17,000 square feet of retail space on the first floor. Parking for 400 vehicles will be provided in four subterranean levels.
1601 Wewatta will feature 10' finished ceilings, rooftop solar panels and numerous outdoor terraces. The building's efficient floor plates, ranging in size from 28,800 to 37,400 square feet, will provide flexibility for multi-tenant or single-tenant users.
The building is LEED® Gold Pre-certified and is scheduled for completion in May 2015.
Jordon Perlmutter & Company is one of the foremost, private real estate development firms in the Rocky Mountain region, and the Perlmutter name is behind many of Denver’s most outstanding real estate developments. Originally founded as Perl-Mack Enterprises in 1951, the company focuses on the development, management, and leasing of commercial and residential properties. Within the last decade, Jordon Perlmutter & Company has been the developer and property manager for several high quality outdoor shopping centers, office buildings and apartment complexes. The company currently manages and leases approximately two million square feet of property, consisting mostly of retail and office projects. Visit www.jp-co.com for more information.
Hines has been active in the Denver market since 1982 and currently owns and manages nearly 1,000,000 square feet there.
The firm has developed 1515 Wynkoop, a mixed-use office and retail building in LoDo; Wells Fargo Center, a 50-story office tower in Denver’s CBD; 4600 South Syracuse, a 13-story office building in the Denver Tech-Center; and Eos, a four-story, 186,000-square-foot office building located in Broomfield.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties.
With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.
Mark Cover (Hines), Jay Despard (Hines), Jay Perlmutter (Jordon Perlmutter & Co.), Dave Klebba (Hines), Chris Phenicie (CBRE), Jordon Perlmutter (Jordon Perlmutter & Co.), Harvey Allon (Braddock Financial), Charles Elder (Hines), Gordy Stofer (Hines), Jim Smith (Jordon Perlmutter & Co.), Ken Lund (Colorado Office of Economic Development), Matt Greenberg (Hines), Mark Faul (Whiting-Turner), David Amalong (HOK)