Denver law firm Brownstein Hyatt Farber Schreck is no stranger to the city's downtown, but its decision to uproot its decades-old corporate hub and relocate to one of the neighborhood's newest office towers generated enough buzz to earn it a 2023 CoStar Impact Award for lease of the year, as judged by real estate professionals familiar with the market.
Despite kicking off its search prior to the pandemic's 2020 outbreak, the firm's 15-year lease at the Block 162 tower surpassed a handful of unprecedented hurdles to underscore companies' continued interest in premium office space. The Colorado law firm signed the nearly 104,000-square-foot deal in May 2022, the first step in what is expected to be a commitment valued for hundreds of millions of dollars.
“Our move to Block 162 in Denver’s central core reaffirms a commitment to the city and Colorado that Norm Brownstein, Jack Hyatt and Steve Farber made when they founded the firm 54 years ago,” Brownstein’s Managing Partner Rich Benenson said in a statement at the time of the deal. “Our new office space will offer best-in-class amenities for our employees, clients and community partners. We are creating a space where people can collaborate and continue Brownstein’s legacy of excellence for our clients and the community.”
The lease was one of only two office deals signed in the market last year for more than 100,000 square feet. Brownstein is on track to relocate to its new home in the 30-story tower at 675 15th St. sometime this spring. It has leased just shy of 43,600 square feet for the firm's headquarters several blocks away at 410 17th St. for more than four decades.
About the property: Completed in 2021, the Block 162 office tower is the newest, highest-quality addition to the Mile High City's skyline. It includes roughly 596,300 square feet of office space and amenities such as a high-end fitness center, outdoor terraces, social gathering lounges and catering areas for private events.
What the judges said: The deal represents "a large lease in a tough office environment," said Jeremy Ballenger, a CBRE executive vice president.
Daniel Ryley, executive director of the city of Arvada's economic development department, added that it underscores the "significance of retaining and bringing back a large office workforce to the downtown market, which will have ripple effects on retail and the return of 'place' to downtown Denver."
They made it happen: Cushman & Wakefield's Todd Wheeler and Doug Wulf represented Brownstein Hyatt Farber Schreck in the deal with Block 162 landlord the PatrinelyGroup.
