Leading U.S. Real Estate Companies Form Joint Venture to Develop Paradigm River North
One of the most anticipated new office developments in Denver’s RiNo, Paradigm River North, is expected to break ground later this month. The 200,000-square-foot office building, also known as 3400 Walnut Street, is anticipated to be complete in early 2024.
Jordon Perlmutter & Co.and Rockefeller Group have formed a joint venture on the project, representing the first between the two firms. While terms were not disclosed, the agreement is the result of partnership discussions between the firms over several months.
“We are very pleased to add Rockefeller Group to our development team for Paradigm River North,” said Jay Perlmutter, principal of Jordon Perlmutter & Co. “We have a shared vision for the importance of location in its broadest sense, and demand for the live-work-play lifestyle that River North affords.”
Designed by Denver-based Tryba Architects, Paradigm River North will hint at the neighborhood’s industrial past, showcasing a brick façade with large factory-style windows. The double-height lobby, 12-foot ceilings and outdoor space throughout will promote the Colorado lifestyle with views of downtown Denver and the Rocky Mountains. Saunders is the general contractor.
When complete, the building will rise eight stories, with approximately 188,000 square feet of office space, and 12,000 square feet of ground-floor retail space. The project’s location and design, in the amenity-rich RiNo Art District, provides a highly accessible and vibrant workplace, capitalizing on demand for the most modern office amenities, including open-air balconies on every floor.
“All of this made 3400 Walnut Street the perfect project to establish what we hope will be the beginning of a long and productive relationship between our firms,” said Sean Perlmutter, partner, acquisitions and development for Jordon Perlmutter & Co.
“We are thrilled to forge this partnership with Jordon Perlmutter & Co.,” said Jay Despard, senior managing director for Rockefeller Group’s Rocky Mountain Region. “Quality in the built environment is foundational to both of our firms. That, combined with their extensive track-record in Denver, will position Paradigm River North to be one of the most authentic, future forward new developments in the city.”
Leasing for the project is being led by Newmark Executive Managing Directors Jamie Gard and Jeff Castleton.