May 24, 2021 8:00 AM
Schnitzer West, LLC (Schnitzer West), one of the West Coast’s leading real estate investment, development and property management companies, announces the groundbreaking of The Current, River North (The Current) a 12-story, Class-A office building at 3615 Delgany Street, in Denver’s River North Arts District (RiNo). The modern, 238,000-square-foot office development will be open to tenants in Q1 2023.
Schnitzer West purchased the 34,250-square-foot site in April 2019 with plans to develop an office building for business and retail purposes. In April 2021, construction began to create the premier and highly flexible space. The Current’s design includes eight floors of office space with extensive use of architectural glass, two levels of underground parking and four levels of above-grade podium parking – both equipped with car charging stations and secure bike storage.
“We are thrilled to begin construction on The Current and add to Denver’s highly-desirable CBD micro-market of RiNo,” said Doug Zabel, Managing Partner at Schnitzer West. “The Current embraces innovative design features that align with the modern workforces’ requirements for flexibility, focus and collaboration, not seen in any office product found in RiNo or the Denver market generally. The combination of these elements will provide tenants and their guests with access to professional and personal amenities that enhance productivity and optimize time in the office.”
On the top floors of the building, tenants can access one of Denver’s largest rooftop terraces to enjoy panoramic views of the Rocky Mountain Front Range and Denver city skyline. The two-story multi-rooftop space will feature a unique spin on Schnitzer West’s signature “Great Room” with a 10,000-square foot indoor-outdoor conferencing space for meetings and leisure. The Great Room and connected rooftop terraces will have multiple living walls, fire and water features, as well as a “green space” for tenant wellness activities, which includes building-hosted and organized exercise classes. The Current will also offer a fitness center for tenant use.
Located near multifamily housing, hotels and retail space, The Current is accessible and transit-oriented. The development is also proximate to the Platte River bike trail, located three blocks away from the RTD A-Line station and one-stop from Union Station and the CBD. The proximity to Denver’s public transportation will increase flexibility for local tenants, commuters, and business travelers flying to and from Denver International Airport (DEN).
“Designing a space to foster productivity, wellness and overall business success were driving factors in the creation of The Current,” said Lucas Schornstein, Senior Investment Manager at Schnitzer West. “While office construction in Denver slowed during the global pandemic, the workforce’s desire for flexibility and collaboration remain. The Current was designed with modern workers and businesses in mind, providing employers with flexibility to effectively scale their businesses in a vibrant environment. As the local and national economies continue to face impacts from the global pandemic, we are proud to provide Denver’s workforce with a space where they can perform and thrive.”
The building’s design includes state-of-the-art mechanical systems and touchless technologies throughout the space to help ensure the health and safety of tenants and visitors. The Current will also feature smart windows by Silicon Valley-based View, Inc., which utilizes artificial intelligence to optimize natural light, temperature and glare. These features reduce energy consumption and eliminate the need for high-touch blinds and other common touchpoints within the tenant spaces. Integration of handsfree technologies will help mitigate the spread of germs, while also preserving views and natural light for building occupants.
“The Denver market continues to be an attractive location for office developers and businesses, said Tim Harrington, Vice Chairman at Newmark. “Groundbreaking of this next-generation, tenant experience-focused office asset helps further position Denver’s business community for growth. Already, we have received interest from legal and financial services tenants in a submarket that has primarily been a destination for tech users. The project quality and unique amenities demonstrate thoughtful design that reflects what tenants want both now and in the future.”
Newmark Vice Chairman Tim Harrington, Executive Managing Director Jamie Gard and Director Jennifer Chavez are the exclusive leasing agents on behalf of Schnitzer West.
The Current is part of Schnitzer West’s regional development pipeline of more than 1.5 million square feet of office space in Denver. The office development is the result of a partnership between Schnitzer West and Craft Companies, LLC, a Denver-based, multi-directional real estate firm.
Davis Partnership Architects worked with Craft Companies and Schnitzer West to design The Current with timeless character that will be a great addition to the RiNo neighborhood. Davis Partnership Architects also designed Civica Cherry Creek, the premier office building in Cherry Creek, Denver, also developed by Schnitzer West.
About Schnitzer West, LLC
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Corp.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management. To date, it has developed in excess of 10.5 million square feet of Class A office and suburban office, flex, industrial and bio-tech space and luxury multi-family residential in Seattle and Denver. Additionally, it has acquired and repositioned approximately 2.8 million square feet of commercial product. Currently, its Asset Operations group actively manages 5.4 million square feet of office and industrial property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States. Learn more at www.schnitzerwest.com.
About Craft Companies
Craft Companies is a Colorado-based, multi-directional real estate firm specializing in project acquisitions, sustainable development and management. A small, tight-knit team of experienced professionals, Craft creates healthy, balanced, and sustainable communities through smart design, diligence and innovation. The company takes pride in its integrity and the relationships it’s cultivated with stakeholders, including municipalities, contractors, neighbors and clients. To learn more about Craft Companies please visit www.craftcompaniesllc.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.