Nichols, Shorenstein sell Platte Street office to betting firm for $135M

Bet is going all in on Denver and a local developer is happy to just break even Just under two years after leasing two floors of office space at Platte St for its U S headquarters the British sports betting firm has purchased the building Bet paid million according to general records That works out to just under for each of the One Platte building s approximately square feet The sellers in the deal were Nichols Partnership and San Francisco-based Shorenstein Properties which developed the building Nichols partner Daniel Nichols reported the total project cost was about what we sold it for which he sees as a win at a time when office building owners are regularly surrendering properties to lenders All things considered I think it was a huge success to not lose everything in the office world right now he reported Nichols and Shorenstein broke ground on One Platte in February just before the onset of the pandemic Back then the projected return metrics were different but the arena was significantly different Nichols reported The building was completed two years later Nichols disclosed only one -square-foot space built out with spec suites remains vacant In addition to Bet which has about square feet tech firm Velocity Global and construction firm McCarthy also occupy office space The building s top floor is leased but not occupied by stock-trading app Robinhood The company originally leased two floors before One Platte s completion but later bought out its lease for one of them Nichols stated the company has been paying its rent One Platte s four retail spaces are all leased Tenants include financial services firm Schwab and coffee shop Kaffe Landskap Nichols mentioned the project s construction loan which had previously been extended was coming due next year Shorenstein was the primary driver in the decision to sell Bet which did not respond to requests for comment is one of the dominant sports betting firms in its native U K but trails behind competitors including FanDuel and DraftKings in the United States It at the moment takes bets in states including Colorado where sports betting launched in May In the Colorado Economic Rise Commission made Bet eligible for up to million in state tax credits in the hopes of landing the company s U S headquarters The company has stated it plans to hire nearly employees locally Nichols called the company s office buy a huge win for Denver saying it further shows Bet is here for the long haul Related Articles Investor says shuttered RiNo winery s equipment is held hostage by landlord Safeway union ends strike as deal nears on new contract Step aside department stores the doctors want that big box Former lawyer buys The Bookies half-century-old Denver bookstore Distressed Aurora office complex sells at auction for M Bet isn t the first local company to buy the building it operates in The founder and CEO of shed manufacturer Tuff Shed bought its property at Interstate and Colorado Boulevard in December Nichols Partnership meanwhile lately purchased a site in Cherry Creek Founder Randy Nichols informed BusinessDen in March the company was considering either an office or condominium project at the site Nichols is also pursuing a condo project in the suburb of Golden The sale of One Platte means Shorenstein no longer has any Denver holdings The company previously owned Rev a -square-foot RiNo office building but gave the keys to its lender last December Rev has been empty since it was completed in July The bulk latest Platte Street office sale came in late when the Riverview building at Platte St fetched for million or a square foot Get more business news by signing up for our Economic system Now newsletter