One Platte

1701 Platte Street, Denver, CO, 80202, US

Asset description

One Platte, completed in 2022, is a 248,760 SF cutting-edge asset that redefines modern workplaces. With 88.3% occupancy by high-profile tenants, it offers a compelling blend of stable cash flows, a strong 8.6-year WALT, and significant upside potential. This rare offering allows investors to secure one of Denver’s most sought-after and well-leased office buildings at a compelling discount to replacement cost.

One Platte, developed by Shorenstein and Nichols Partnership, embodies modern workplace excellence with its premium finishes, cutting-edge design, and unmatched amenities. Ideally situated along Platte Street, downtown Denver's most vibrant and supply-constrained mixed-use district, One Platte's appeal to major tenants is evident. The building has secured two of the largest new leases signed in Downtown Denver post-pandemic, including bet365's chosen location for their U.S. Headquarters.

Platte Street, nestled between LoDo and LoHi, epitomizes Denver’s urban evolution, rivaling the renowned Cherry Creek North as one of the best micro-markets in Denver. The neighborhood offers a dynamic, 7-day-a-week ecosystem that has become the gold standard for urban living and working in Denver. In this highly supply-constrained micro-market, One Platte stands out as the newest, highest-quality building with no comparable developments on the horizon.

These features combine to present an exceptional acquisition opportunity for investors seeking a best-in-class asset in a prime location.

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Attributes

Rentable area

248,760 sf

Year built

2022

WAULT

8.6 years

Occupancy

88.3%

Floors

Ceiling height

12.4 ft

LEED

Gold

Media

Investment highlights

Premier Location: Strategically positioned on Platte Street, bridging Denver’s LoDo and LoHi neighborhoods, and rivaling the renowned Cherry Creek North as one of the best micro-markets in Denver.

Trophy Asset Quality: Completed in 2022 with hotel-quality amenities that today’s tenants crave. From the stunning rooftop deck to the fitness center and event space, each feature is designed to enhance work-life balance.

Sustainability: One Platte is a clear example of sustainable design and construction. Boasting WELL Gold, LEED Gold, and Wired certifications.

Attractive Fundamentals: 8.6-year WALT and 88.3% leased to high-profile tenants, including bet365’s U.S. Headquarters.

Leasing Upside: 2^nd floor move-in ready spec suite allows for low-cost near-term lease-up. Robinhood buyout/backfill on the 5th floor offers 12.3% mark-to-market, ability to use buyout dollars to fund buildout, and opportunity to extend WALT. Only two other Class A buildings across Platte Street and LoDo can provide 60,000 SF before 2027.

Discount to Replacement Cost: Available at a compelling discount to replacement cost.

Scarcity-Driven Value: The absence of planned developments and limited buildable sites in Platte Street and LoDo strengthen One Platte’s long-term value.