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Construction to begin on Cherry Creek office building

Denver’s Cherry Creek neighborhood will start seeing construction begin on a new “hospitality-infused” office building this week, its developers announced Tuesday.

The 100,000 square-foot building on 2nd Avenue and Adams Street will be a Class A office complex in one of the city’s most coveted neighbors attracting companies as downtown Denver struggles with high vacancies.

The office is a “hospitality-infused” concept that incorporates food and beverage as part of the amenities of the building. The ground floor will have space for several retailers or restaurants to open shop in and the building’s rooftop will have more than 5,500 square feet of space for a bar and restaurant.

The 2nd & Adams building developed by Magnetic Capital already signed a 30,000-square-foot lease for a new headquarters for Denver-based private investment firm Bow River Capital. The company is relocating from another Cherry Creek office and will be this new building’s anchor tenant.

“We’re thrilled to be moving Bow River’s headquarters to 2nd & Adams and to be the first of many companies that will enjoy the building’s forward-thinking design,” Bow River Capital’s CEO Jane Ingalls said in a statement.

The building is expected to be 70% pre-leased by the start of construction on Friday, according to Magnetic Capital.

“We’re very excited to announce the start of construction for 2nd & Adams, and provide our tenants with an office building that is designed and configured with the ultimate in hospitality in mind,” Magnetic Capital’s Managing Partner Chris Carroll said in the news release. “Cherry Creek represents a ‘flight to quality’ among businesses that want a safe, friendly and first-class location where their employees can live, work and play.”

Construction is expected to be completed by the third quarter of 2025.

RiNo office building completed

Meanwhile, another office building further north is ready for move-ins.

The Paradigm River North wrapped up construction earlier this month, developers Jordan Perlmutter & Co. and Rockefeller Group announced.

Nearly half of the 188,000-square-foot building on 3400 Walnut Street was pre-leased, the announcement said.

Paradigm River North’s largest tenant is local law firm Davis Graham and Stubbs LLP, which will occupy the top three floors covering 80,000 square feet. The building is eight-stories tall.

The building’s leasing advisor and vice chairman of Newmark Jamie Gard said in a statement that it’s had success catering to both large and small tenants with the inclusion of “spec suites,” or smaller offices.

The building has 12,000 square feet of ground-floor retail. It also has a gym, bike storage and showers for workers who want to freshen up after their commute. Every floor has outdoor space, showcasing views of either downtown or the Rocky Mountains.

The architecture, designed by local firm Tryba Architects, is a nod to RiNo’s industrial roots and has a brick façade and factory-sized windows.

“The building’s form honors the industrial heritage of the River North Art District, while the amenity spaces, plentiful natural light and incorporation of terraced outdoor environments reflects the desires of contemporary tenants,” said architect David Tryba in a statement. “We know Paradigm River North will be a destination workplace and an integral part of the neighborhood.”

MDHI hasn’t found a new director yet

The Metro Denver Homeless Initiative is continuing its search for a new director.

The local nonprofit that conducts the region’s annual homeless count during a single day announced earlier this month that it’s reopening applications in July for MDHI’s top position.

The organization has been looking for a new executive director since the beginning of the year and is extending the current Interim Director Rebecca Mayer’s term for another six months. The announcement comes amid the pending release of the nonprofit’s 2024 point-in-time count that was conducted in January.

“We have full confidence that MDHI will continue to do fantastic work as the Board finds the right person to lead MDHI into the future,” according to a news release.