Sports Betting Firm Opens US Headquarters
Newmark represented Shorenstein and Nichols Partnership in the lease.
A U.K.-based sports betting firm has opened its new U.S. corporate headquarters near downtown Denver.
Bet365 struck a deal through Newmark, the Metro Denver Economic Development Corp., and the Colorado Office of Economic Development and International Trade to take up residence at One Platte, a 250,000-square-foot Class A building at 1701 Platte St.
Bet365 will occupy 120,000 square feet across two floors at the five-story property. One Platte sits between downtown Denver and the Highlands neighborhood.
The move is expected to bring nearly 1,000 jobs to the Denver community. The firm said it would onboard more than 300 employees within the first year of operations, of which approximately 50 will be employed at the opening.
READ ALSO: Top 5 Markets for Office Deliveries
Bet365 could receive as much as $14 million in a performance-based Job Growth Incentive Tax Credit from the Colorado Economic Development Commission over eight years.
In collaboration with Knight Frank, Newmark’s Blaustein and Director Josh Pons represented bet365 in leasing the space. Newmark Vice Chairman Jamie Gard and Executive Managing Director Jeff Castleton represented the landlords, Nichols Partnership and Shorenstein. Gensler served as the architect and designer for the renovation. Task PM led the project management.
Denver’s office market performance
Denver’s office market concluded the first half of 2024 with some signs of improvement along a few fundamentals. Despite the nationwide slowdown in new office development, plateauing utilization and high interest rates, Denver showed some resilience.
The metro’s construction pipeline has improved since last year. Although completions diminished by more than 26 percent, new construction starts signal demand is still present. Vacancy continued to rise, however, while the average price per square foot dropped below most of its peer markets.
Overall investment volume for the year’s first half decreased to less than half compared to the first six months of 2023.
You must be logged in to post a comment.