Denver, CO – JLL announced the company has secured a prime location for CommercialTribe in Denver’s LoDo neighborhood in a space formerly occupied by an oil and gas firm. CommercialTribe, which offers video-based sales training solutions, has leased 10,473 square feet of space on the 4th floor of the Guaranty Bank Building at 1331 17th Street in lower downtown Denver.
As the energy industry has been forced to contend with the sustained depression of global oil prices, JLL is seeing an increase in companies looking to minimize costs by subleasing space. At the same time, the company has seen rising demand for space from tech firms as Denver is becoming more of a hub for that industry. This particular deal, which was negotiated on behalf of CommercialTribe by JLL brokers Ken Gooden and David Shirazi, is a prime example of the trend in action.
“For CommercialTribe, as for most of our start-up clients, flexibility in a lease term is paramount. CommercialTribe is a high-growth company with a bright future, we couldn’t take on the risk of a long lease term and having CommercialTribe outgrow it two years into the term,” said David Shirazi. “The deal we structured allowed CommercialTribe to avoid that scenario and we couldn’t be happier with the results. The flip side of the coin is that CommercialTribe sleek, modern space that would reflect their company culture; office-intensive oil and gas space doesn’t exactly fit that bill.” In this instance JLL was able to secure favorable terms that allowed CommercialTribe to customize the space. “After the remodel was done we couldn’t believe how well the space turned out, I would definitely want to work in that office.” David said.
In addition to the customized workspace, the building provides CommercialTribe with amenities such as a high parking ratio (an especially attractive amenity in downtown Denver) and conference spaces. The building will also soon feature on-site gym facilities and a deli.
“We are very excited about the new space. Keeping CommercialTribe in a prime location was critical for our team and our ability to attract and retain top talent #CommercialTribeIsHiring. The flexible nature of the lease fits our high growth trajectory and ever increasing need for space. We were able to build out the space to support our open and collaborative culture and reinforce our reputation as one of the best places to work in Denver.” Adam Cecil, CFO CommercialTribe.
Photo courtesy of JLL Denver