A downtown Denver office tower recently recorded leasing activity involving tenants at 1800 Larimer. The activity comes less than a year after the building's previous owner lost it to its lender.
A Wave of New Commitments
A Wave of New Commitments Newmark is the exclusive leasing agent for the tower, according to Mile High CRE. The report identifies Layton Construction as opening a larger Denver office, while other coverage has linked Ballard Spahr LLP, Boots Construction Company and the Boettcher Foundation to the address.
Whitney Hake is the senior managing director and exclusive leasing agent for 1800 Larimer, according to Mile High CRE. Hake leases the property alongside associate director Grace Lessard and vice chairman Jamie Gard, the report states.
From Anchor Tenant Exit to Lender Takeover
The leasing surge follows a rocky stretch for the building. Xcel Energy had occupied 314,000 square feet at 1800 Larimer until early 2025, when the utility relocated its regional headquarters to a smaller, 220,000-square-foot facility in Denver's RiNo district, according to the Denver Gazette. That departure drove up downtown vacancy rates and put serious financial pressure on the property, the Gazette reported.
The strain culminated in December 2025, when Blackstone Mortgage Trust took ownership of 1800 Larimer after former owner Beacon Capital Partners surrendered the tower to satisfy an unpaid $190.6 million mortgage loan, per the Denver Gazette's reporting, corroborated by Connect CRE. Beacon had purchased the building in early 2022 for $291 million — itself a jump from the $213 million Invesco Real Estate paid for it in 2011, the Gazette noted. 1800 Larimer is now owned by an affiliate of Blackstone, per Mile High CRE.
Renovation Bankrolled the Repositioning
Renovation Bankrolled the Repositioning The building is newly renovated, according to Mile High CRE, corroborated by the Denver Gazette's reporting. Its features include a tenant lounge, fitness center and two-story lobby, per the outlet. The property also has a 17,000-square-foot terrace and available built-out suites, Mile High CRE reported.
The tower offers floor-to-ceiling windows with mountain views, parking with electric-vehicle charging stations, on-site dining and bicycle storage, according to the outlet. Its location gives tenants highway and commuter access, the report states.
A Tale of Two Downtowns
The building sits at the boundary of a submarket split in two. Downtown Denver's office vacancy rate hit a record high of 38.9% in the first quarter of 2026, driven by a divide between Upper Downtown's vacancy above 40% and Lower Downtown's roughly 20% rate, according to The Real Deal. Even amid that record vacancy, premier Class A buildings with modern amenities and institutional backing have continued to outperform older Class B structures, the outlet reported.
Lincoln Property Company has reported on Metro Denver's Class A and Class B office markets, while Mile High CRE has covered downtown Denver office conditions and tenants' focus on quality, amenities and location in workplace decisions.
A CBRE report also covered Metro Denver office leasing and vacancy. Beacon Capital Partners, which continues to operate 1800 Larimer locally for Blackstone, holds a broader footprint across urban Denver that includes Tabor Center, Platte 15, 1700 Broadway, 1801 Wewatta St. and Steel House in RiNo, according to the Denver Gazette.
Part of a Broader Pattern Downtown
The 1800 Larimer leasing wave arrives alongside other signs that downtown Denver corporations are choosing to double down rather than flee. Consulting firm Slalom recently signed a seven-year lease in the CBD, while Hoodline reported that the firm employs more than 500 people in the Denver area. Whether 1800 Larimer's Class A momentum can fully backfill the space Xcel Energy left behind remains an open question for the downtown market to answer.
