{"id":1004692427,"date":"2023-11-30T05:56:51","date_gmt":"2023-11-30T13:56:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004692427"},"modified":"2023-12-06T06:10:48","modified_gmt":"2023-12-06T14:10:48","slug":"xcel-preleases-220-ksf-denver-mass-timber-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/xcel-preleases-220-ksf-denver-mass-timber-office\/","title":{"rendered":"Xcel Takes 220 KSF at Denver Mass Timber Building"},"content":{"rendered":"
\"Rendering<\/a>

Rendering of T3 RiNo in Denver. Image courtesy of Hines<\/em><\/p><\/div>\n

Xcel Energy-Colorado<\/strong> has preleased all 220,000-plus square feet of office space at T3 RiNo, a new Class A, six-story, mass timber office building in Denver\u2019s River North (RiNo) Arts District. Ivanho\u00e9 Cambridge<\/strong>, Hines<\/strong> and McCaffery<\/strong>, the building\u2019s co-developers, landed the leasing deal.<\/p>\n

Upon moving into its new regional headquarters in 2025, Xcel Energy is expected to be the largest office tenant in the RiNo submarket.<\/p>\n

Located at 3500 Blake St., T3 RiNo will feature underground parking for 376 cars, according to information provided by CommercialEdge.<\/p>\n

The mass timber design features exposed wood, open layouts, 12-foot ceilings and floor-to-ceiling windows with mountain views and natural light. The building is expected to achieve LEED, WiredScore, WELL and ENERGY STAR certifications at the highest levels.<\/p>\n

Amenities include a conference center, private outdoor terraces on every floor, a 5,000-square-foot fitness center, bike storage, 18,500 square feet of ground floor retail and a connection to the RTD commuter rail system.<\/p>\n

Xcel Energy was represented on the lease transaction by Rick Schuham and Brendan Fisher of Savills<\/strong>. Ivanho\u00e9 Cambridge, Hines and McCaffery were represented by JLL\u2019s<\/strong> James Roupp, John Beason, Don Misner and Maddy Stevenson.<\/p>\n

\u201cT3 RiNo will provide several benefits important to our coworkers including more parking, proximity to the RTD light rail system, greater security and more,” Robert Kenney, president of Xcel Energy-Colorado, said in a prepared statement. “Being in a single-tenant building allows us to design collaborative workspaces for increasingly interconnected teams.\u201d<\/p>\n

T3 is Hines\u2019 brand for mass-timber buildings, standing for Timber, Transit, Technology. The company currently has 26 T3 projects completed, in design or under construction in the United States and overseas.<\/p>\n

Slow for now<\/h2>\n

At the moment, the Denver office market is experiencing a decline in office-using employment driven by hybrid work. Overall occupancy has fallen for five straight quarters and is now at nearly three percentage points below the U.S. average, according to a third-quarter report from JLL. Almost all submarkets in the area reported negative net absorption in the past quarter, primarily in older assets.<\/p>\n

On the other hand, JLL reported that return-to-office initiatives are anticipated to gain momentum, leading to continued demand for top-tier assets.<\/p>\n

Earlier this month, Schnitzer West, in partnership with Brue Baukol Capital Partners, began construction of 201 Filmore<\/a>, a 140,000-square-foot Class A office and retail development in Denver\u2019s Cherry Creek submarket. Like T3 RiNo, 201 Filmore has fully preleased its office space, in this case to Antero Resources.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ivanho\u00e9 Cambridge, Hines and McCaffery landed what will be the River North submarket\u2019s largest office tenant. <\/p>\n","protected":false},"author":882,"featured_media":1004692431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1587,21742,21747,15],"tags":[32797,33565,32796,34979,34107,34540],"class_list":["post-1004692427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-denver","category-latest","category-office","category-west","tag-hines","tag-ivanhoe-cambridge","tag-jll","tag-mccaffery-interests","tag-savills","tag-xcel-energy"],"acf":[],"yoast_head":"\nXcel Takes 220 KSF at Denver Mass Timber Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Ivanho\u00e9 Cambridge, Hines and McCaffery landed what will be the River North submarket\u2019s largest office tenant.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/xcel-preleases-220-ksf-denver-mass-timber-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Xcel Takes 220 KSF at Denver Mass Timber Building\" \/>\n<meta property=\"og:description\" content=\"Ivanho\u00e9 Cambridge, Hines and McCaffery landed what will be the River North submarket\u2019s largest office tenant.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/xcel-preleases-220-ksf-denver-mass-timber-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-30T13:56:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-06T14:10:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/t3-rino-in-denver-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/xcel-preleases-220-ksf-denver-mass-timber-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/xcel-preleases-220-ksf-denver-mass-timber-office\/\",\"name\":\"Xcel Takes 220 KSF at Denver Mass Timber Building - 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