New Office Building in Cherry Creek Breaks Ground
“Hospitality-infused” office building at 2nd & Adams in Cherry Creek predicted to be 70 percent leased at the start of construction
Cherry Creek North, CO (May 2024) – Magnetic Capital is proud to announce the groundbreaking ceremony (please see invitation in email for details) for Cherry Creek’s newest office building, located at 2nd & Adams. The 100,000 square foot, “hospitality-infused” building is expected to be 70 percent leased at the start of construction, including a 30,000 square foot lease to Bow River Capital.
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“We’re very excited to announce the start of construction for 2nd & Adams, and provide our tenants with an office building that is designed and configured with the ultimate in hospitality in mind,” said Chris Carroll of Magnetic Capital. “Cherry Creek represents a ‘flight to quality’ among businesses that want a safe, friendly and first-class location where their employees can live, work and play. While downtown Denver continues to struggle with office vacancies, Cherry Creek has experienced 65 percent rent growth since Covid and a steady influx of new office and retail tenants, as well as residents filling existing and new multifamily communities.”
Bow River Capital, a Denver-based private alternative asset manager, will locate the company’s new headquarters at 2nd & Adams and become the building’s anchor tenant.
“We’re thrilled to be moving Bow River’s headquarters to 2nd & Adams and to be the first of many companies that will enjoy the building’s forward-thinking design,” said Bow River Capital Chief Operating Officer Jane Ingalls. “We were drawn to the focus on hospitality and elevated common areas that 2nd & Adams will provide to our team and guests.”
Construction of the mixed-use office development is scheduled for completion in the third quarter of 2025. The project will include approximately 80,000 square feet of office space and 20,000 square feet of retail. The development team is focused on what it calls a “hospitality-infused office operating model” with a heavy emphasis on food and beverage and the broader activation of common areas. The project will have multiple food and beverage and retail concepts across the ground floor and the rooftop will feature a 5,600 square foot bar and restaurant, anchored by best-in-class national operators.
OZ Architecture is the architect for the project and Mortenson Construction is the general contractor. OZ Architecture recently released an article on the project here. Blake Holcomb at CBRE is handling office leasing and can be reached here.
More information about 2nd & Adams is available at https://secondandadams.cbre-properties.com/
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Cherry Creek North Dynamics: Cherry Creek North’s unique concentration of high-end retail, executive housing, luxury multifamily, and premium hotels, all within a 16-block radius, positions it among the top office markets in the US today. With a vacancy rate of sub-2% and physical occupancy at ~95%, Cherry Creek contains fundamentals comparable to Sand Hill Road, Beverly Hills, and Century City. More information regarding Cherry Creek North is available at www.cherrycreeknorth.com.
About Magnetic Capital
Magnetic Capital, led by Dan Huml and Chris Carroll, is a privately held real estate investment and development company focused on developing and operating real estate assets often overlooked or undervalued by traditional investment firms. Headquartered in Denver, Colorado, Magnetic Capital is focused on development and multifamily acquisitions opportunities along the Front Range.
For more information on Magnetic Capital, please visit https://magneticcap.com/.
About Bow River Capital
Bow River Capital is a private alternative asset manager based in Denver, Colorado, focused on investing in the lower and middle market in four asset classes: private credit, private equity, real estate, and software growth equity. Through its subsidiary Bow River Advisers, LLC, Bow River Capital also offers a registered, closed-end mutual fund – Bow River Capital Evergreen Fund (EVERX) – designed to provide institutional-quality private market access to a broader set of investors. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes and across the capital structure.
Bow River Capital Evergreen Fund is distributed by Foreside Financial Services, LLC, which is not affiliated with Bow River Capital or its affiliates.
For more information on Bow River Capital, please visit www.BowRiverCapital.com.
Media Contact: Paul Suter, Suter Media Relations
720-771-9093 or [email protected]
