Located in Uptown Denver, the Colorado State Bank Building at 1600 Broadway is at the corner of Broadway and 16th Street. The building is the 34th-tallest skyscraper in Denver, ranked just behind the Denver Energy Center Tower in Downtown Denver and the Denver Financial Center in Uptown.
Earlier this year, global real estate investment firm Nuveen Real Estate acquired the Colorado State Bank Building from LBA Realty in Irvine, California. The purchase of 1600 Broadway by Nuveen is the company’s first entry into the Central Denver office market. Denver’s workforce has been long known for its strong demographics, highly skilled white collar labor force, and diversified economy.
LBA Realty was on the seller side of the transaction, and the company is no stranger to the Denver office market. With nearly 1.9 million square feet of office space in Denver, at the time of the sale, LBA’s local office portfolio included Denver Place in Downtown Denver, 4601 DTC in the Denver Tech Center Hampden South office submarket, Financial Plaza in Greenwood Village, and Rampart Center in the Peakview office submarket of Centennial, Colorado.
Given the dynamic location of the Colorado State Bank Building, it’s no surprise that this Class A office building is currently 93% leased. The building serves as the headquarters for anchor tenant Colorado State Bank and Trust. Other key tenants in the 1600 Broadway property include the Colorado Chamber of Commerce and the Colorado Office of Economic Development and International Trade.
The Colorado State Bank Building is within a few blocks of Denver’s 16th Street Mall, the recently redeveloped Civic Center Station, the Brown Palace and Grand Hyatt Hotels, Denver Pavilions, and light rail and shuttle stations. In addition to the building’s prime locale, tenants in the Colorado State Bank Building also benefit from the recent multimillion-dollar property renovation to the lobby, gymnasium, conference room, and the expansion of the parking area.
Additional value-add opportunities to the property include creating a first-floor café, a collaboration area, and a bike barn to satisfy the needs of Denver’s environmentally-conscious millennial labor force. Speaking of the environment, the 1600 Broadway building now boasts both LEED Gold and Energy Star certifications.
The Colorado State Bank Building and the Uptown Denver office market offer a strong value proposition for tenants and commercial real estate investors alike. The submarket continues to thrive as a mixed-use multifamily area and varied retail development is added to the office market mix.
Through last year, office-using jobs in Denver increased by 2% year-over-year. About 2.9 million square feet of net office space was absorbed in 2018. Office investment activity in Denver topped $3 billion last year, with Q4 2018 alone generating nearly $994 million in office transactions in Denver.