Brookfield Property Partners L.P. announced that they will begin renovations this summer to Republic Plaza’s concourse level. This office tower is Denver’s tallest building at 56 floors and 714 feet. It was constructed in 1984 and was designed by international architecture firm Skidmore, Owings & Merril. The building is located in downtown Denver at 370 17th street and the concourse level is located adjacent to the 16th Street mall.
The concourse level has been home to a food court for the last 30 years, which has become outdated in recent years. The renovations of the concourse level will include a new conference center and a new fitness center. Also included will be a cafe and collaborative space. This project is slated to be completed in early 2016.
“Brookfield is proud to invest over $5 million to offer its tenant community premier office space that incorporates innovative amenities,” said David Sternberg, executive vice president Midwest and Mountain Regions of Brookfield Property Partners’ U.S. Office Division. “The transformation of Republic Plaza’s concourse will continue to make it the most attractive business address in the city, for both employers and employees.”
In 2014 Brookfield completed a $58 million renovation to its 54-story 1801 California office building, which is Denver’s second tallest structure. 1801 California is well known as the former home of Qwest Communications. A large Qwest sign was located on top of the building that could been seen for miles outside of downtown Denver at night when aglow.
In a report by Avison Young, office vacancy in Denver dipped to a 14-year low of 10% in the first quarter of 2015. Denver has not seen rates at or below 10% since 2001 when vacancy was 9.7%. The Class A vacancy rate was 9.1% in the first quarter, down from the year-end 2014 mark of 10.1%.