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Prime West to Bring Second Office Tower to Belleview Station

Denver Developer Will Build 15 Floors Near Transit
October 11, 2018
Denver-based Prime West Cos. will develop a 15-story office tower at 6900 Layton Ave. in south Denver, part of the Belleview Station master-planned development.

Less than a year after selling its One Belleview Station office tower for $152 million, developer Prime West Cos. has begun construction on its second office tower in the mixed-use transit-oriented development at Interstate 25 and Belleview Avenue in the southern tip of Denver.

Prime West, a Denver-based developer, today touched off construction on a 15-story office tower at 6900 Layton Ave., part of the Belleview Station master-planned development surrounding one of the busiest transit centers in the Regional Transportation District system.

The 380,000-square-foot tower will include 10 stories of office space with 35,000-square-foot floorplates, six levels of parking and ground-floor retail, said Jim Neenan, president and chief executive of Prime West.

The tower already has one major tenant lined up, Neenan said. Newmont Mining, one of Colorado’s largest publicly traded companies, will move its headquarters from Palazzo Verdi, an office building in Greenwood Village, to four floors at 6900 Layton.

That lease coupled with the performance of 6900 Layton’s predecessor, One Belleview Station, gave Prime West confidence to move forward with the new tower’s construction, Neenan said. Prime West expects to finish work on the tower in spring 2020.

"There’s a lot of office demand, especially for buildings that are light rail served and have walkable amenities," he said.

Absorption in the Denver Technology Center submarket has outpaced deliveries in each of the last five quarters, except for the second quarter of 2018, when Jackson National Life Insurance said it would close its Denver offices, placing 120,000 square feet back on the market and pushing net negative absorption to 36,000 square feet that quarter, according to CoStar data.

One Belleview Station began construction speculatively in 2015 as one of the first major office developments outside of the Denver central business district to break ground without a tenant signed up after emerging from the recession. The 310,000-square-foot office building was leased before its completion, most significantly by The Western Union Co., which chose the building as the location for its world headquarters in 2017.

The 51-acre Belleview Station development is expected to include a total of 2.2 million square feet of office space, 300,000 square feet of retail and 1,800 residential units, plus one or two hotels and five acres of plazas and open space.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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