250 Clayton. Picture courtesy of Broe Actual Property
Broe Actual Property Group, the industrial actual property arm of The Broe Group, introduced it would start building on 250 Clayton, an eight story combined use-project positioned at 250 Clayton St. in Denver’s Cherry Creek Hill district, within the fourth quarter of 2023. The undertaking would be the second section of the agency’s growth within the space. Following its topping out, the fully-leased 76,000-square-foot 200 Clayton is scheduled to open subsequent 12 months.
250 Clayton was designed by The Beck Group. The property will function 175,000 sq. toes of workplace and retail house, with floorplates as much as 27,000 sq. toes in measurement. Located in one in every of Denver’s most prosperous neighborhoods, the two-building growth is inside strolling distance of quite a few high-end retail and eating choices and inside three miles of the town’s central enterprise district.
Denver and the flight to high quality
A current uptick in vacancies and a drop in common rents give Denver’s workplace sector a muddy report card, regardless of a transaction quantity of $3.03 billion year-to-date as of November and a couple of.47 million sq. toes of house in its pipeline, in line with knowledge from a November 2022 CommercialEdge report.
The town is one in every of many gateway metros to expertise a fast and protracted flight to high quality in workplace sector. A 3rd quarter report from JLL discovered older belongings in Denver posted emptiness charges of 26.2 % and newer belongings have been accountable for 42.7 % of all new leases regardless of making up lower than a 3rd of the town’s out there stock.
Not too long ago, 210 College, a 140,000 sq. foot workplace and retail constructing additionally in Cherry Hill, that had undergone a intestine renovation in 2009, bought for $67.7 million. Elsewhere within the metropolis, Menashe Properties Inc. acquired Stanford Place III, a 370,000-square-foot Class A tower, for $50 million.
