Speculative Office Development in RiNo Signs First Tenant
In a pioneering move, Moye White LLP, a full-service law firm offering strategic representation in complex commercial transactions and disputes, has committed to a 42,527-square-foot headquarters lease at The Current, a 12-story, 238,000-square-foot office development under construction in RiNo.
The lease represents the first tenant commitment to the speculative development. Construction of the building began in May 2021 and is slated for delivery in the first quarter of 2023, with Moye White taking occupancy in May 2023.
Newmark Vice Chairman Tim Harrington and Executive Managing Director Nathan Johnson represented Moye White in the transaction. The developer, Schnitzer West, was represented by Newmark Executive Managing Director Jamie Gard and Director Jennifer Chavez.
Moye White is the first professional services firm to commit to RiNo, a neighborhood that has primarily attracted Denver’s growing tech community. As office-use trends have been reshaped by pandemic-induced remote work, the law firm sees the move as an opportunity to embrace new ways of working as well as recruit and retain top legal talent. The real estate community predicts other professional services tenants will soon follow, in alignment with a similar trend that occurred during the buildout of LoDo, with legal and accounting firms increasingly relocating off 17th Street towards Union Station.
“At Moye White, we’ve always seen ourselves as innovators and trend-setters. Our move to Denver’s RiNo neighborhood allows us to embrace those characteristics while adapting to the workplace of the future,” said Moye White Managing Partner Thomas List. “Not only is the location ideal for building our future in Denver, but the building itself allows us to remain committed to our promise as a Certified B Corporation. It was important to us that we moved to a building focused on minimizing environmental impacts and supporting a healthy lifestyle for our employees.”
The Current, located at 3615 Delgany Street, features and technology to not only provide trophy-class office space, but also focus on health and wellness elements that benefit all employees. Top-floor view space—which has historically commanded the highest rents in the building—has been repurposed as a common area featuring a great room with community collaboration space, huddle rooms and training rooms. An 8,000-square-foot rooftop deck features outdoor workspace, private event space and a serenity lawn featuring unmatched downtown and panoramic mountain views. The building features View Smart Windows, a technology that uses artificial intelligence to automatically adjust in response to the sun, increasing access to natural light and unobstructed views while eliminating the need for blinds and minimizing heat and glare. The building is also pursuing LEED certification.
“We’re extraordinarily excited to welcome Moye White as our first tenant at The Current,” said Kyle Flippen, development manager at Schnitzer West. “Moye White is one of Denver’s most prominent law firms and needed a building that enhanced their workforce productivity and helped attract and retain talent. We’re thrilled that Moye White will be the first company to take advantage of the abundant amenities, outdoor space and amazing location that The Current offers. This is another example of flight to quality as tenants everywhere continue to evaluate and adapt to the future of office work.”
As a Certified B Corporation—a designation that requires businesses to meet high standards for maintaining a positive social and environmental impact—the health and wellness features of the building are particularly important to Moye White. Schnitzer West’s forward-thinking and best-in-class amenities helped separate The Current from competitive developments.
According to Newmark Research, leasing activity in Denver’s office market was limited during the third quarter of 2021, as continued uncertainty and the emergence of new COVID-19 variants delayed tenants’ return to the office. Many tenants in the market have changed size requirements multiple times during their search as plans change with the news cycle. Continuing supply problems also caused delays in construction and tenant improvements. However, high-quality space, new construction and certain micro-markets are still attracting high interest, as tenants are looking to occupy top-quality office space as part of their return to work strategy. Moye White’s commitment to The Current underscores this trend.