Construction is set to begin later this month on Paradigm River North, an eight-story, 200,000 square foot mixed-use office building in Denver’s River North Art District. Also known as 3400 Walnut St., the project is being developed by a joint venture of Jordan Perlmutter & Co. and Rockefeller Group. Delivery is scheduled for early 2024.
The two real estate companies announced the new joint venture this week. Terms were not disclosed but the deal is the result of partnership discussions between the companies over several months. This is the first joint venture between Jordon Perlmutter & Co. and The Rockefeller Group, who have been involved in commercial real estate development for over 70 and 90 years, respectively.
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Much of Rockeller’s recent commercial real estate investments and developments over the past few months have been industrial properties and multi-family assets. Last month, the Rockefeller Group announced a joint venture partnership with Summit Venture Capital Group to acquire land at 1158 Delaware St. in the Golden Triangle neighborhood of Denver, where they will develop a 250-unit multifamily property with 2,000 square feet of ground floor retail. The project is expected to start in April and be completed in early 2024.
Paradigm River North will have approximately 188,000 square feet of office space and 12,000 square feet of ground floor retail space. Designed by Denver Tryba Architects, the property will hint at the neighborhood’s industrial past with a brick facade and large factory-style windows. It will also have open-air balconies on each floor and high ceilings. Open and customizable floor plans will provide flexibility and efficiency. Other features include an eighth-floor veranda, a conservatory, expansive outdoor patios, bike storage with lockers and showers, and electric car charging stations.
Located in the heart of the RiNo Art District, the building is close to public transportation that connects downtown Denver, Union Station, and Denver International Airport. The property is a 5-minute drive from Interstate-70.
The rental of the project is managed by Newmark Executive Managing Directors Jamie Gard and Jeff Castleton.
Popularity of RiNo
Known as RiNo, River North is one of the fastest growing urban areas in the country. Its appeal has grown in recent years with Denver’s growing population. Along with hotels and new residential offerings, the neighborhood is considered one of the city’s premier entertainment and cultural hubs, with some of Denver’s best restaurants, breweries, galleries, shops, bars, and music venues.
In November, hines and partners McCaffery and Ivanhoe Cambridge began construction on T3 RiNo, one of Hines’ T3 (wood, transit and technology) office concepts, in the RiNo neighborhood. The six-story wooden building will be located at 3500 Blake Street and will have 240,000 square feet of office space and approximately 17,000 square feet of retail space. Delivery is scheduled for fall 2023.
A month later, Properties of Shorestein acquired Rev360, a brand new transit-focused property totaling 170,000 square feet, for $72 million, according to Denver County records. Haselden Development and development partners tributary real estate, Key actions and Avenue Real Estate Group delivered the five-story building in 2020. Located at 3600 Brighton Blvd., the building has 140,000 square feet of office space and 30,000 square feet of retail space.