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Canadian developer First Gulf broke ground this week on a new 22-story, 306,000-square-foot office building in downtown Denver, Colorado, according to exclusive leasing agent Newmark Grubb Knight Frank (NGKF). Dubbed 1401 Lawrence, the new Class AA office development will be located at the intersection of 14th and Lawrence streets, between Denver’s central business district and the popular Larimer Square corridor. Construction will begin this month, with occupancy expected to start in early 2016.
National law firm Polsinelli will anchor 1401 Lawrence, it was unveiled today. Polsinelli signed a 15-year lease and will initially occupy 86,664 square feet of office space on the top four floors of the building, with an option to lease two additional floors (for a total of 130,000 square feet).
“This new location and additional lease option provides Polsinelli with the potential to more than double the space of its current Denver office to meet growing client needs in the Rocky Mountain region and across the United States,” said NGKF’s Jeff Castleton, who, with Jamie Gard, provided instrumental assistance and negotiated the transaction on behalf of First Gulf.
Nationally, Polsinelli is the fastest growing law firm in the U.S. and has been for the past six years, according to the leading legal business and law firm publication, The American Lawyer.
“We are delighted to have a strong, growing firm like Polsinelli as our anchor tenant for this exciting development,” said John MacNeil, First Gulf president and partner. “Our vision is to create an innovative architectural design with great outdoor amenity space that complements what we believe to be one of the premier office locations in all of Denver.”
With the building developers targeting LEED® Gold certification, Mr. MacNeil describes 1401 Lawrence as providing tenants with unmatched views of the mountains and the city skyline. Beautiful outdoor terrace space and on-site fitness facilities, as well as retail and restaurant space at the street level, will contribute to the convenience and desirability of this office building. Located only four blocks from the Stout Street light rail station and two blocks from 16th Street mall transportation, and boasting immediate access to major highway entrances and exits, 1401 Lawrence will offer easy accessibility into and out of the city. The building also will provide indoor parking with approximately 400 parking spaces.
“Being the lead tenant in this new building in the heart of downtown represents our continued involvement and commitment to the Denver business, civic and philanthropic community,” said Gene Commander, Denver office managing partner and shareholder of Polsinelli. “We’re proud that Polsinelli continues to grow and expand to meet the legal needs of companies and clients throughout our region. It’s an exciting time for our city and all of the attorneys and staff at our firm.”
While its parent company, Great Gulf, has a well-established residential presence in the city, this is the first significant commercial project in Denver for First Gulf. With 1401 Lawrence now underway, the Canadian developer continues to look at other opportunities for growth in the United States.
“First Gulf has been working with NGKF since its acquisition of the land to determine the best use of this pivotal site, and we are privileged to have this opportunity to expand our long-standing relationship with this innovative developer,” said Kevin McCabe, NGKF executive vice president and regional managing director. “1401 Lawrence is optimally timed to meet the market’s growing appetite for premium space in downtown Denver and particularly around the high-demand Union Station area.”
*American Lawyer, June 2013, http://sftp.polsinelli.com/files/upload/ArticleAMLPolsinelli2013.pdf
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.
About First Gulf Corporation
Founded in 1987, First Gulf is the commercial arm of Great Gulf — one of North America’s most innovative and diversified real estate development companies. First Gulf offers leasing, development, construction, finance and project management expertise, providing clients with unique market opportunities which would be unavailable through a traditional developer role. With more than $2.5-billion in developed assets, they have developed and constructed over 30-million square feet of office, retail, mixed-use, and industrial real estate across North America. First Gulf’s impressive portfolio of recent landmark office developments includes the Canadian head offices for The Globe and Mail Centre, Coca Cola and Siemens Canada. For further information, please visit www.firstgulf.com.