Rockefeller Group JV to Develop Denver Office Property

Paradigm River North. Image courtesy of Rockefeller Group and Jordon Perlmutter & Co.

Construction is expected to start later this month on Paradigm River North, an eight-story, 200,000-square-foot mixed-use office property in Denver’s River North Art District. Also known as 3400 Walnut St., the project is being developed by a joint venture of Jordon Perlmutter & Co. and Rockefeller Group. Completion is scheduled for early 2024.

The two real estate companies announced the new joint venture this week. Terms were not disclosed but the agreement is the result of partnership discussions between the firms over several months. It is the first joint venture between Jordon Perlmutter & Co. and Rockefeller Group, which have been involved in commercial real estate development for more than 70 and 90 years, respectively.

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Much of Rockeller’s recent commercial real estate investments and developments in recent months have been industrial properties and multifamily assets. Last month, Rockefeller Group announced a joint venture partnership with Summit Capital Venture Group to acquire a lot at 1158 Delaware St. in Denver’s Golden Triangle Neighborhood, where they will develop a 250-unit multifamily property with 2,000 square feet of ground-floor retail. The project is anticipated to break ground in April and be completed in early 2024.

Project details

Paradigm River North will have approximately 188,000 square feet of office space and 12,000 square feet of ground-floor retail space. Designed by Denver-based Tryba Architects, the property will hint at the neighborhood’s industrial past with a brick façade and large factory-style windows. It will also have open-air balconies on every floor and high ceilings. Open and customizable floorplans will offer flexibility and efficiency. Other features include an eighth-floor veranda, winter garden, extensive outdoor patios, bike storage with lockers and showers, and EV car charging stations.

Located in the heart of the RiNo Art District, the building is near transit that connects to downtown Denver, Union Station and Denver International Airport. The property will be a 5-minute drive to Interstate-70.

Leasing for the project is being handled by Newmark Executive Managing Directors Jamie Gard and Jeff Castleton.

RiNo popularity

Known as RiNo, River North is one of the most vibrant urban areas in the country. Its appeal has risen in recent years along with Denver’s population growth. In addition to hotels and new residential offerings, the neighborhood is considered one of the city’s top entertainment and cultural hubs, with some of Denver’s best restaurants, breweries, galleries, shops, bars and music venues.

In November, Hines and partners McCaffery and Ivanhoé Cambridge began construction of T3 RiNo, one of Hines’ signature T3—timber, transit and technology—office concepts, in the RiNo neighborhood. The six-story wood building will be located at 3500 Blake St. and have 240,000 square feet of office space and about 17,000 square feet of retail space. Delivery is expected by fall 2023.

A month later, Shorenstein Properties acquired Rev360, a brand-new transit-oriented property totaling 170,000 square feet, for $72 million, according to Denver County records. Haselden Development and development partners Tributary Real Estate, Keystone Equities and Avenue Property Group delivered the five-story building in 2020. Located at 3600 Brighton Blvd., the building has 140,000 square feet of office space and 30,000 square feet of retail space.