DENVER — Starwood Capital Group and East West Partners have announced plans to develop a $190 million office building in Denver’s Union Station neighborhood.
The 250-foot-tall building will be known by its address, 16 Chestnut. The property will have frontage along both 16th and 17th streets.
DaVite HealthCare Partners will be the first tenant. The kidney care provider will expand upon its current space, which is across the street. It will occupy about 265,000 square feet. DaVita will also have its own entrance and lobby.
“When we moved to Denver, we knew we would commit to the city, to the state and to the community,” says Kent Thiry, DaVita’s chairman and CEO. “Today’s announcement of another DaVita building downtown, developed with East West Partners and Starwood Capital Group, cements that commitment.”
Construction will begin in July 2016 and is scheduled for completion in October 2018. DaVita is scheduled to occupy the new space in August 2018. The remaining space will become available for lease in January 2016.
The project is targeting LEED-Platinum certification. Gensler will design the building, with BuildMark providing construction management services. A general contractor has not yet been named.
The development is situated adjacent to the South Bound Light Rail and two blocks from the soon-to-be-built North Bound Light Rail, which will travel to Denver International Airport. The 16th Street Mall shuttles will run directly through the new building.
“We are excited about the opportunity to continue to invest in Denver and reaffirm our commitment to East West Partners’ vision for the Union Station neighborhood,” says Dan Schwaegler, senior vice president in Starwood’s asset management group. “This neighborhood has become the destination of choice for Fortune 500 companies in Denver, and our third building in the area will only contribute to this trend.”
East West and Starwood have previously teamed up on two other Denver-area projects, including the Triangle Building and One Union Station.
Starwood Capital Group is a private investment firm with a core focus on global real estate. It is headquartered in Greenwich, Conn. East West Partners has built and sold more than $3 billion of residential and commercial real estate since 1986. It is located in Avon, Colo.