East West Partners along with Starwood Capital Group have announced plans to move forward with 16 Chestnut, a 250 foot-tall office building to be constructed in Denver’s Union Station neighborhood. The 19-story building will include 420,000 square feet of space. Above grade parking will be incorporated into the structure. Davita, a healthcare organization that specializes in kidney treatments has been announced as the anchor tenant. Davita will lease 265,000 square feet of space.
Gensler is the Architecture firm that designed 16 Chestnut.
Construction of 16 Chestnut will take place adjacent to Denver’s Millennium Bridge at 16th Street and Chestnut Place. The cost of construction for 16 Chestnut is estimated at $190 million.
Davita’s world headquarters are located in Denver across the street from what will become 16 Chestnut at 2000 Chestnut. Davita will remain in its current building and is leasing space at 16 Chestnut to expand its operations in Denver.
“DaVita believed in our vision for the Union Station neighborhood long before it came to fruition. We are honored that they are entrusting us in making a second home for their teammates,” said Chris Frampton, Managing Partner at East West Partners.
As stated in today’s press release, 16 Chestnut is expected to break ground in July of 2016. The rest of the leasable space in 16 Chestnut will hit the market in January 2016.
“When we moved to Denver, we knew we would commit to the city, to the state and to the community,” said Kent Thiry, Chairman and CEO of DaVita Healthcare Partners. “Today’s announcement of another DaVita building downtown, developed with East West Partners and Starwood Capital Group, cements that commitment.”
16 Chestnut is aiming for LEED Platinum certification.
“We are excited about the opportunity to continue to invest in Denver and reaffirm our commitment to East West Partners’ vision for the Union Station neighborhood,” said Dan Schwaegler, Senior Vice President in the Asset Management Group at Starwood Capital Group. “This neighborhood has become the destination of choice for Fortune 500 companies in Denver, and our third building in the area will only contribute to this trend.”