An online betting company's deal to purchase its regional headquarters building is a sign that Denver's office market may be worth the gamble as the area navigates a post-pandemic recovery.
Bet365 closed one of the Denver market's most expensive office deals over the past half-decade with its $135 million purchase of One Platte, a boutique property in one of the city's most desirable pockets. Beyond its ability to land a premium price, the mid-2025 acquisition signaled confidence in the region's long-term trajectory toward rebuilding some of the momentum it lost in the COVID era.
That combination of pricing and Bet365's conviction helped earn the deal a 2026 CoStar Impact Award for the acquisition of the year for Denver, as judged by real estate professionals familiar with the market.
London-based Bet365's all-cash purchase landed less than a year after it established its U.S. hub in the nearly 250,000-square-foot building at 1701 Platte St. The five-story property wrapped up construction in 2022 and landed the online betting giant as its anchor tenant the following year, a deal largely attributed to One Platte's high-end amenity package, popular address and sustainability focus.
That lease alone was a standout given the depressed demand Denver's office market has experienced since 2020. Given that most acquisitions that have closed in recent years traded at steep discounts, Bet365's purchase delivered a rare dose of optimism for a city eager to find silver linings.
The company's purchase marked "a huge win for Denver," Daniel Nichols, a partner and project manager with Nichols Partnership, one of the sellers in the deal with Bet365, said previously. "It shows Bet365 is here for the long haul."
About the project: A joint venture between Shorenstein Properties and Denver-based Nichols Partnership broke ground on the Platte Street development at the start of 2020, hardly an opportune time to kick off a speculative office project. Yet the property was able to overcome some initial leasing hiccups thanks to its position as a top-shelf option for tenants prioritizing wellness and efficient spaces, both trends that emerged from the depths of the pandemic. The building includes perks such as a luxury fitness center, rooftop lounge, flexible event space and access to multiple transit routes.
What the judges said: The Bet365 deal delivers "a long-term economic impact" for the Denver market, said CoStar Impact Awards judge Lance Somerville, a broker associate with Real. And just as important is the sports betting giant's plan to use the space to house and "create more than 1,000 jobs, further strengthening the local economy."
They made it happen: JLL's Mark Katz and Hilary Barnett marketed the property on behalf of the sellers, a joint venture between Shorenstein Properties and Nichols Partnership, landing the deal with Bet365 just 12 weeks after listing the property for sale.
CoStar Market Manager Kathryn Binns contributed to this report.