Energy Firm Leases Hines Mass Timber Building

HOUSTON – (Realty News Report) – A new mass timber building, an environmentally friendly structure designed with sustainability goals that are compatible with Denver’s hip RiNO district, has been leased by Xcel Energy-Colorado.

Ivanhoé Cambridge, Hines and McCaffery, global real estate firms, confirmed the entirety of office space at T3 RiNo, the new six-story, mass timber office building in Denver’s River North Arts District (RiNo) has been leased. Xcel Energy will be the largest office tenant in the RiNo submarket upon relocating to its new 220,172 SF regional headquarters at T3 RiNo.

It’s Like Taking 2,000 Cars Off the Road

A timber building has a negative carbon imprint equal to taking 2,000 cars off the road for one year.

T3 RiNo features a refined industrial, heavy-timber-structured design that is 100 percent  renewable, recyclable, and non-toxic. The building structure pays homage to both Denver’s historic brick and timber buildings and to the city’s vibrant and rapidly evolving art district. Workspaces are designed to promote employee warmth and well-being, with exposed wood, open layouts, 12-foot ceilings, and floor-to-ceiling windows providing mountain views.

Hines has new mass timber projects in Austin, Atlanta and over a dozen other cities. But not Houston.

On the Texas A&M campus, Hines is developing a heavy  timber building with the aid of  a $50 million gift from Arch “Beaver” Aplin III, the owner of Buc-ee’s chain of service stations/stores.

Denver’s RiNO District for the Hip and Cool

RiNO —  often touted with the slogan “where art is made” — features contemporary art galleries, food halls and hip concert venues in revamped industrial buildings. RiNO also has breweries and craft beer outlets.

Hines also has recently developed a 397-unit multifamily in RiNO.  That 11-story Residences at RiNo was designed by Ziegler Cooper Architects, a Houston-based firm led by Scott Ziegler.

A location in a popular area like RiNO can help companies succeed in luring employees back to the office in the post-Covid era.

“We’re pleased to welcome Xcel Energy-Colorado as the single tenant of T3 RiNo—the next evolution of workplace that combines a creative and hospitality-driven customer experience with state-of-the-art amenities in a vibrant neighborhood,” said Charlie Musgrave, Vice President of U.S. Office and Life Science Leasing at Ivanhoé Cambridge.

Xcel Energy-Colorado is the largest electric and natural gas energy provider in Colorado, safely and reliably serving 1.6M electric and 1.5M natural gas customers. Xcel Energy was the first major U.S. power provider to announce a vision for delivering 100% carbon-free electricity to customers by 2050, while keeping costs low.

“T3 RiNo will provide several benefits important to our coworkers including more parking, proximity to the RTD light rail system, greater security and more. Being in a single-tenant building allows us to design collaborative workspaces for increasingly interconnected teams,” said Robert Kenney, president of Xcel Energy-Colorado.

Dan McCaffery, CEO of McCaffery Interests and co-developer on the project added “We welcome Xcel Energy to its new headquarters at T3 RiNo and are excited to see the positive impact this new workforce brings to the RiNo neighborhood.”

The T3 RiNo lease was the result of a competitive bid process. Xcel Energy was represented on the lease transaction by Rick Schuham and Brendan Fisher of Savills. Co-developers, Ivanhoé Cambridge, Hines and McCaffery were represented by JLL’s James Roupp, John Beason, Don Misner and Maddy Stevenson.

Xcel Energy will relocate to its new Denver headquarters at T3 RiNo in 2025, bringing approximately 1,200 employees.

Houston-based Hines was founded by Mr. Gerald D. Hines in 1957 and now operates in 30 countries. The firm manages a $94.6 billion portfolio of assets across residential, logistics, retail, office, and mixed-use strategies.


Nov. 30, 2023 Realty News Report Copyright 2023

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Rendering by Steelblue. Courtesy T3 RiNO

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