(DENVER) – Hines, the international real estate firm, along with co-developer Jordon Perlmutter & Co. and J.P. Morgan Asset Management announced today the signing of two key leases totaling nearly 110,000 square feet at 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.
Hogan Lovells LLP has signed a 15-year lease commencing in 2016 for approximately 70,000 square feet on the top two and a half floors of the building. Additionally, Colorado Athletic Club signed a lease for the entire second floor, totaling 38,000 square feet, to introduce a new full-service, flagship health club facility, the first of its kind in the Union Station area.
The building, designed by the Washington, D.C. office of HOK, is being developed as a joint venture between Hines, Jordon Perlmutter & Co., a third-generation real estate firm in Denver, and institutional investors advised by J.P. Morgan Asset Management.
1601 Wewatta 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 on four subterranean levels. 1601 Wewatta will feature 10-foot finished ceilings and several outdoor terraces. The building's efficient floor plates, ranging in size from 28,800 to 38,000 square feet, will provide flexibility for multi-tenant or single-tenant users. The building is LEED® Gold Pre-certified and will be completed in early July 2015.
“We are very pleased to announce these first two preeminent tenants in our building,” said Hines Director Gordy Stofer. “Hines has had a 30 plus-year relationship with Hogan Lovells in Washington D.C., and we are very proud that they have chosen to build on that relationship with us here in Denver.” Stofer added, “Additionally, with Colorado Athletic Club as the premier health club operator in the Denver area, they will provide an unmatched amenity to both our building and the Union Station neighborhood. We’re confident of their long-term success here.”
“We have enjoyed being in one of downtown's premier buildings and now we look forward to being an anchor tenant in 1601 Wewatta,” said Hogan Lovells Denver partner Craig Umbaugh. “The redevelopment of the Union Station area has created a great vibe and energy in the city.”
Added Colorado Athletic Club President Ed Williams, “We are very excited to open our new Union Station location, which will offer our members yet another convenient location, in addition to our seven other clubs around the metro area. This club will cater to the active and vibrant lifestyle that embodies the neighborhood and will offer a wide variety of programs, cutting-edge amenities and unrivaled service.”
Added Jay Perlmutter, Principal for Jordon Perlmutter & Co, “It is exciting to finally see the Union Station area fully come to life. Given our firm’s long history in Denver, we are thrilled to be a part of this chapter in its exciting growth story.”
Hines has been active in the Denver market since 1982 and currently owns and manages nearly 1,000,000 square feet in the area. The firm 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 will break ground on 1144 Fifteenth, a 40-story, 660,000-square-foot office tower next to the Four Seasons Hotel in Denver’s CBD in early June.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. www.hines.com.
About Jordon Perlmutter & Company
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. Throughout its history, Jordon Perlmutter & Company has been the developer and property manager of over six million square feet of commercial projects and 22,000 single and multi-family units. The company's projects have included several regional malls, high quality outdoor shopping centers, office buildings, and apartment complexes. Visit www.jp-co.com for more information.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $82 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of March 31, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets