SM Energy Co. is expanding its presence in downtown Denver, leasing an additional 50,455 square feet at 1700 Lincoln.
CBRE announced Wednesday that the deal adds two levels to the Denver-based company’s existing office space, increasing its footprint in the 52-story tower to 124,333 square feet across five floors.
The expansion follows the merger of SM Energy and Civitas Resources Inc. earlier this year. The combined company continues to trade under the ticker symbol “SM” and will retain the name SM Energy Co.
1700 Lincoln, also known as the Wells Fargo Center, is a 1.2 million-square-foot office building designed by renowned architect Philip Johnson.
Built in 1983, the tower now features several amenities, including three large conference training rooms, a fitness center, locker rooms, a tenant lounge, connected parking, 24/7 security and a Tuscany Coffee in the lobby.
The building, at 1700 Lincoln St., is 67% occupied, according to CBRE.
Senior vice presidents Allison Berry and Chris Phenicie with CBRE represented the owners, BCSP Denver Property, in the transaction. CBRE’s Lee Diamond and Steve Mulhern with Mulhern & Company represented SM Energy.
“We’re seeing sustained demand for buildings like 1700 Lincoln in downtown Denver that provide tenants with a true value proposition,” Berry said.
“When you focus on competitive inventory, vacancy is tighter than headline figures suggest. For occupiers who want favorable leasing terms without paying premium LoDo or Cherry Creek North rates, buildings such as 1700 Lincoln are very well positioned to meet those tenants’ needs.”
Founded in 1908, SM Energy Co. is an independent energy company that acquires, explores, develops and produces crude oil, natural gas and natural gas liquids in Colorado, New Mexico, Texas and Utah.
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