Patrinely JV Inks Lease Expansion at Denver Tower

Block 162. Image courtesy of Patrinely Group

Sherman & Howard has expanded its commitment at Block 162, a 30-story office tower in Denver developed by Patrinely Group and USAA Real Estate. The law firm, which was the first major tenant at the speculative Class A tower, expanded its initial 60,000-square-foot lease by 12,049 square feet roughly 15 months since its initial occupancy.

Completed in the second quarter of 2021, Block 162 is a 596,295-square-foot high-rise in Denver’s Central Business District. The property is LEED Gold Core and Shell certified. The tenant roster includes Matillion, Bain & Co., Moss Adams and Brownstein, CommercialEdge data shows. Cushman & Wakefield’s Vice Chairman Todd Wheeler and Executive Managing Director Douglas Wulf are the appointed as leasing brokers of the building.

READ ALSO: Top 10 States for LEED-Certified Office Properties in 2022

The property’s office space is spread across floors 11th to 30th, while the amenity area on the 11th floor includes a fitness center, a common-area lounge, conference spaces, an outdoor terrace and a rooftop garden. The tower features 12 passenger elevators, 29,636-square-foot floor plates, 10,000 square feet of retail space on the first floor and 956 parking spots.

Situated at at 675 15th St., the building is close to multiple railway stations and Interstate 25. The property is 4 miles from Cherry Creek Shopping Center, 16 miles from Aurora, Colo., and within 21 miles of Denver International Airport. 

Office vacancy widens in Western U.S.

According to a recent CommercialEdge report, the national vacancy rate reached 16.6 percent in January, while remote work and tech layoffs continue to affect the office market. Denver registered a 18.3 percent rate that month, marking a 200-basis-point increase year-over-year and up 370 basis points over the last two years. San Francisco had the highest vacancy rate across western markets, hitting 18.8 percent.

Earlier in 2022, Patrinely and USAA Real Estate wrapped construction on a 10-story, Class A office tower in Salt Lake City. EnerBank was the first tenant to sign a lease at the 332,000-square-foot property. Designed by HOK, the building is LEED Gold certified.