Tuff Shed founder buys Denver office towers
The property’s price was a major reduction, but it’s the largest acquisition in the Denver-metro area by size this quarter.
Denver Market Update: Q4 2024
Welcome to Tributary’s Quarterly Market Update, where we take you through the latest stats, trends and figures surrounding Denver’s office submarkets. In this final segment of the year, we hear from our Associate Brokers Max Stanton and Ryan Periona.
Re-considering your office market strategy? Reach out to our team.
Top Five Trends Shaping Denver’s Commercial Real Estate Landscape
As we approach 2025, the commercial real estate landscape here in Denver is marked by both ongoing economic pressures and emerging opportunities. At Tributary Real Estate, we’re anticipating several key trends that will impact not only investors but also owner-users, tenants, and the broader industry in the coming year. Below, we’ve highlighted the top five trends to look out for in 2025.
1. Increased Office Leasing Activity Without Significant Rent Reductions
Contrary to earlier predictions, office leasing activity has picked up in 2024, and we expect this trend to continue into 2025. While many anticipated that rental rates would further decrease to attract tenants in a persistently challenging market, we’re actually seeing the opposite. In fact, new owners are maintaining rental rates despite an overall soft market.
We’ve seen buildings hold firm on rental rates even after changing ownership, and some landlords have been bullish on their ability to attract larger tenants without significantly lowering rents. This optimism seems to be driven by the belief that interest rates will continue to decline and that there will be sustained demand for well-located office spaces. However, the risk is that these landlords may face higher vacancies if they do not adapt to changing market conditions.
2. The Flexible Workplace Evolution
The defining factor in 2025 will be how companies continue to navigate flexible and remote work policies. While the pandemic pushed many businesses to go fully remote, we’re now seeing a shift in the other direction. A notable example is Amazon, which recently announced a return to in-office work five days a week. Employers are increasingly exploring what in-office policies mean for their culture, productivity, and ability to attract and retain talent.
Feedback from tenants and employers indicates that while flexibility remains a priority, fewer companies are opting for fully remote work. Instead, they are embracing a model that balances in-office presence with the need for work-life flexibility. For instance, some companies are reevaluating remote hiring strategies as they discover that having distributed teams across multiple cities can dilute the cultural and collaborative benefits of being in an office. They might have a hybrid schedule but employ a largely local workforce.
We’re also seeing a reimagining of office space design. Companies experimenting with hybrid models often realize that they need more physical space than initially anticipated. For example, while many businesses initially thought they could downsize to half the space or move to a hoteling model, they’ve found a persistent desire for dedicated desk space in addition to collaborative areas. As a result, we’re seeing a resurgence of private offices, huddle rooms, and Zoom-ready spaces rather than fully open floor plans.
2025 promises to be an exciting and promising year for commercial real estate. The rise of owner-user purchases, the continued focus on downtown revitalization, and the increase in office leasing activity all point to a market that is evolving in new and unexpected ways. At Tributary, we’re closely monitoring these trends and are ready to help our clients navigate the opportunities and challenges ahead.
If you have questions about how these trends may impact your business or are considering purchasing or leasing commercial space, reach out to us. We’re here to guide you through every step of the process.
3. Construction Costs Stabilize as Inflation Cools
Construction costs continue to have a major influence on what’s possible in today’s commercial real estate landscape. According to industry feedback, including insights from Mortenson’s Non-Residential Construction Cost Index, material prices have started to level off, and as inflation pressures ease, we will continue to see greater stability in the cost of construction materials. While labor continues to be a major factor, any pricing relief is good news for developers and owner-users considering new construction or major renovations. We expect to see further leveling off into 2025, offering more predictability in budgeting for projects.
Moreover, as confidence in the broader economic outlook improves, we anticipate steady spending in non-residential construction. Interest rates may continue to see a gradual decline as inflation subsides, further fueling optimism for new construction starts in the year ahead.
4. The Continued Revitalization of Downtown Areas
Another key trend is the ongoing focus on revitalizing our urban core. Downtowns across the country are grappling with high vacancy rates, particularly in older high-rises, and Denver is no exception. While there has been significant attention on large-scale projects, the next phase of revitalization will require innovative public-private partnerships, as well as government support at both the city and state levels to find attractive, financially feasible ways to repurpose or reposition these buildings to meet modern tenant needs.
Despite the challenges, we still see demand from tenants who want to be in the heart of the city, and we’re optimistic about the future of downtown Denver. High-vacancy, Class B buildings will face the greatest difficulties, but there is potential for at least some of these assets to be transformed through recapitalization efforts, bringing new life to underutilized spaces.
5. Owner-User Building Purchases on the Rise
One of the most notable shifts we’re seeing is the increase in owner-user building purchases. Commercial properties are typically acquired by investors – whether intuitional or private equity – including a large share of out-of-state and international buyers. And while that is still the case, there has been a significant uptick in tenants seeking a space to not just occupy but own. With building devaluations and capital continuing to sit on the sidelines, more businesses, particularly long-term tenants, are exploring the option to purchase the properties they occupy.
This trend presents a unique opportunity for businesses to invest in their future by owning their space, especially as prices dip to more attainable levels. For companies with financial capacity, buying rather than leasing can provide long-term stability and the potential for significant appreciation as the market recovers.
But businesses must be prepared to take on the responsibilities of a landlord, from property management to asset maintenance. Managing capital reserves, repairs and tenant relations adds a layer of complexity, especially for companies focused on growing their core business. While this scenario offers potential financial upside, it also highlights the need for careful planning.
Growing Law Firm, Garnett Powell Maximon Barlow & Farbes, Signs New Lease at 1125 Seventeenth Street in Downtown Denver
New 21,000-SF space allows for intentional growth with over 30 dedicated offices and collaborative workspaces
DENVER (October 28, 2024) – Tributary Real Estate (“Tributary”), a commercial real estate brokerage firm based in Colorado, today announced the new long-term lease of 21,040 square feet of space to Garnett Powell Maximon Barlow & Farbes (GPMBF) at 1125 Seventeenth Street, a Class A office tower in downtown Denver owned by global real estate investment manager, Hines.
GPMBF is a boutique trial and litigation firm specializing in complex commercial and real estate disputes, employment law, personal injury, and criminal defense. The firm was most recently ranked as one of the Best Law Firms in the United States in 2024 and 2025 by Best Lawyers®, a highly respected legal rankings company.
Prior to the firm’s launch in early 2023, GPMBF engaged Tributary to help them identify an office solution. Tributary supported that initial effort with a 3,494-square-foot sublease at 1512 Larimer St. Since that time, the company has expanded its square footage sevenfold, first expanding into a 6,442-square-foot sublease and now into a full floor over 21,000 square feet. GPMBF’s first day in the new space will be October 30, 2024.
“Our group of experienced trial lawyers is passionate about handling complicated problems for our clients. Our firm has built a culture of working collaboratively together with a team-first approach. We knew we needed to find an office space that complimented that culture,” said Andrew Garnett, Managing Partner of GPMBF. “At 1125 Seventeenth Street, we found a fit for now and for the future –a space with the amenities and high-end finishes we want for our team and the room we need to grow.”
GPMBF’s new office space is being designed by Clic Design Studio and project managed by Task Project Management. In 2024, 1125 Seventeenth Street underwent extensive renovations, including a complete lobby update; the addition of a tenant lounge, executive board room, conference facilities and multiple outdoor spaces; wellness center, introduction of concierge services, a spec suite program and more. Downstairs at 1125 Seventeenth Street, restaurateur Troy Guard and TAG Restaurant Group are planning to open the third location of HashTAG breakfast, expected to open in early 2025.
Tributary Real Estate Partner Andy Cullen and Vice President Natalie Froland represented GPMBF in the transaction. The owner and landlord, Hines, was represented by CBRE’s Sarajane Goodfellow.
“GPMBF’s new lease offers the firm the flexibility and runway it needs to grow into the future. Capturing the continued interest in highly amenitized and upgraded second-generation buildings, the extensive building renovations at 1125 Seventeenth Street were a major selling point for our client,” said Cullen. “Rather than following the current trend of law firms with office space of moving toward hoteling or smaller offices, GPMBF is building out a collaborative workspace with over 30 private offices – a modern take on the traditional office layout.”
At the gateway to Lower Downtown, the location – proximate to transportation and nearby courthouses – was a major draw for GPMBF as it provides convenience for its Denver professionals and easy access to and from its Boulder office.
About Tributary Real Estate
Founded in 2015, Tributary Real Estate is a commercial real estate brokerage firm based in Colorado. Serving both local and national clients of all sizes and across industries, Tributary leverages its trusted relationships, depth of experience and robust real estate knowledge to provide a customized approach to commercial real estate brokerage. From site selection through negotiation and closing, Tributary’s team of seasoned industry leaders maximize value for their clients by maintaining strong relationships to capitalize on market opportunities and use data-driven insights to align clients’ real estate needs with their business goals. To learn more about Tributary, visit tributaryre.com.
Intern
CAREERS
Sarah Cullen
Job Description
You will be responsible for supporting the brokerage team related to prospecting and deal process; including, but not limited to CRM support, market research, financial analyses, lease abstracts, prospect research and data input. In addition, you will assist in marketing efforts for subleases, administrative support to leadership, attend weekly team meetings, and track relevant market news for quarterly newsletters.
Annual Salary
$20.00/Hour. You will be responsible for tracking and reporting your hours on a weekly basis to leadership.
Additional Compensation
● Monthly Parking.
● All peripherals, office supplies; excluding cell phone and service.
Requirements
Currently pursuing a degree in real estate, finance, business administration, or a related field.
Our Core Values
Show Up
We are fully present, fully invested and have passion that bleeds into every meeting and interaction we have.
Advocacy Always
We are strategic advisors who remain focused on our client’s long-term success. We cultivate enduring relationships through our tireless advocacy and expertise.
Do The Right Thing
Being a Tributary team member means going the extra mile in every interaction with no days off.
Team Above Self
By working together towards a common vision and leaning into our individual strengths, we win together.
Give Back
We share our success by paying it forward and representing the Tributary values in our communities.
Join Our Team
Fill out the form below to apply for this position.
Associate Broker
CAREERS
Sarah Cullen
Job Description
You will be responsible for sourcing, negotiating, and managing the process for office tenant representative broker transactions in the Denver Market. You will be working with the senior members of the Tributary Real Estate Brokerage Team on business development and deal process.
Annual Salary
$24,000 in salary for the first two (2) years plus brokerage commissions; thereafter broker shall transition to commission only structure.
Additional Compensation
● Commissions earned from deals transacted.
● Health Insurance and benefits (currently 100% paid by Company).
● 401K Match (Up to 4%) after six months of employment.
● Monthly Parking
● All peripherals, office supplies; excluding cell phone and service.
Requirements
Minimum of 3-5 years’ experience in one of the following: sales, consulting, brokerage, client advisory services or similar work experience.
- Excellent interpersonal and communication skills (verbal and written).
- High attention to detail and accuracy in work.
- Ability to work in a discrete manner maintaining confidentiality of sensitive information.
- Present self in a professional and business-like manner
- Proficiency in Microsoft Office Suite (Outlook, Word, PowerPoint, and Excel).
- Ability to prioritize and handle multiple projects simultaneously.
- Team player
- Self-directed and able to work without supervision.
- Critical thinking and problem solving a must.
- 2+ professional references required.
- Colorado Real Estate Brokerage License required prior to engaging in brokerage activities.
Our Core Values
Show Up
We are fully present, fully invested and have passion that bleeds into every meeting and interaction we have.
Advocacy Always
We are strategic advisors who remain focused on our client’s long-term success. We cultivate enduring relationships through our tireless advocacy and expertise.
Do The Right Thing
Being a Tributary team member means going the extra mile in every interaction with no days off.
Team Above Self
By working together towards a common vision and leaning into our individual strengths, we win together.
Give Back
We share our success by paying it forward and representing the Tributary values in our communities.
Join Our Team
Fill out the form below to apply for this position.
Analyst
CAREERS
Sarah Cullen
Job Description
You will be responsible for supporting the brokerage team related to prospecting and deal process; including, but not limited to CRM support, financial analyses, lease abstracts, prospect research and data input. In addition, you will manage a summer market research project, assist in marketing efforts for subleases, administrative support to leadership, attend weekly team meetings, and track relevant market news for quarterly newsletter.
Annual Salary
$50,000 – $55,000
Additional Compensation
● Commissions earned from deals transacted.
● Health Insurance and benefits (currently 100% paid by Company).
● 401K Match (Up to 4%) after six months of employment.
● Monthly Parking
● All peripherals, office supplies; excluding cell phone and service.
Job Duties
Provides business analytic, marketing, and administrative support to Tributary Team. Duties include, but are not limited to the following:
Brokerage Support/Analytics:
- Colorado Real Estate Brokerage License required prior to engaging in brokerage activities.
- Upload Sublease/Direct spaces to CoStar Marketing Center; support team in sublease marketing efforts
- Sublease Recovery Analyses
- Proposal Comparison Analyses
- Lease and Purchase Financial Analyses
- Drive-time Analyses
- Schedule/coordinate client tours
- Create client tour books
- Create client surveys
- Close out deals in CRM
- Support in Business Development walking/CRM input
- Create team walking schedules bi-weekly
- Create Lease Abstracts
- Cover tours, as needed
- Input prospecting email templates into Excel Document
- Input comps into CRM
Marketing:
- Create Constant Contact E-Blasts
- Schedule Constant Contact Blasts to go out Weekly
- Create and send broker blasts
- Create Sublease Brochures in PowerPoint / Canva
- Compile relevant quarterly office news for Quarterly Newsletter
- Create and send Quarterly Newsletter
Our Core Values
Show Up
We are fully present, fully invested and have passion that bleeds into every meeting and interaction we have.
Advocacy Always
We are strategic advisors who remain focused on our client’s long-term success. We cultivate enduring relationships through our tireless advocacy and expertise.
Do The Right Thing
Being a Tributary team member means going the extra mile in every interaction with no days off.
Team Above Self
By working together towards a common vision and leaning into our individual strengths, we win together.
Give Back
We share our success by paying it forward and representing the Tributary values in our communities.
Join Our Team
Fill out the form below to apply for this position.
Denver Market Update: Q2 2024
Welcome to Tributary’s Quarterly Market Update, where we take you through the latest stats, trends and figures surrounding Denver’s office submarkets. In this segment, we hear from Partners Andy Cullen and Amy Aldridge
Re-considering your office market strategy? Reach out to our team.
Health Equity-Focused Foundation The Colorado Trust Relocates Headquarters to The Hub North in RiNo
New, 14,000-SF space allows for greater efficiencies and mission-aligned workspaces, supporting employee wellness
DENVER (July 16, 2024) – Tributary Real Estate (“Tributary”), a commercial real estate brokerage firm based in Colorado, today announced the successful lease negotiation for The Colorado Trust‘s new 14,000-square-foot, full-floor headquarters at The Hub North, located in Denver’s River North (RiNo) Art District.
The Colorado Trust is a private philanthropic foundation that was founded in 1985 and makes grants statewide. The foundation’s mission is to advance the health and well-being of people living in Colorado. The Colorado Trust engaged Tributary to help identify a new office that would increase workplace efficiencies while supporting its team and the communities it serves.
“Rightsizing our space and moving to The Hub North represents a significant milestone in our journey and promises to optimize resources for our mission and empower our team,” said Don Mares, president and chief executive officer of The Colorado Trust. “By engaging our staff in the process, we were able to identify what was most important in a new office space and location. This relocation will provide a modern workplace environment for our team and enhance our ability to more directly serve the community.”
The new office space, which is being designed by Kestrel Design Group and project managed by Task PM, reflects The Colorado Trust’s forward-thinking approach to health and wellness. The design prioritizes natural light, communal outdoor spaces and a layout that promotes community and inclusivity. This move will also support the foundation’s hybrid work model, encouraging staff to engage more frequently in the office environment.
Tributary Real Estate Partner Amy Aldridge and Vice President Natalie Froland represented The Colorado Trust in the transaction. The landlord was represented by JLL’s Jamie Roupp, Julie Rhoades and Maddy Stevenson.
“By focusing on our client’s needs and engaging with their team throughout the process, we were able to identify the ideal new headquarters for The Colorado Trust,” said Aldridge. “Coming from a historic building they had occupied for over 20 years and a larger office space downtown, there was a lot of responsibility to identify the right new home for this next phase of the organization. The Colorado Trust needed a partner who understood their goals for a new space and could help them identify new, more efficient approaches to the office experience.”
“Throughout the process, the successful collaboration across The Colorado Trust, project management, design and brokerage teams – all of which happened to be female-led – resulted in a truly rewarding and collaborative transaction,” added Froland.
The new location at The Hub North offers a range of amenities, including immediate access to public transit on the A-Line light rail, fitness facilities and communal outdoor spaces, supporting The Colorado Trust’s goal of creating a dynamic workspace for all employees.
The Colorado Trust plans to move into its completed space in the first quarter of 2025.
About Tributary Real Estate
Founded in 2015, Tributary Real Estate is a commercial real estate brokerage firm based in Colorado. Serving both local and national clients of all sizes and across industries, Tributary leverages its trusted relationships, depth of experience and robust real estate knowledge to provide a customized approach to commercial real estate brokerage. From site selection through negotiation and closing, Tributary’s team of seasoned industry leaders maximize value for their clients by maintaining strong relationships to capitalize on market opportunities and use data-driven insights to align clients’ real estate needs with their business goals. To learn more about Tributary, visit tributaryre.com.
Denver Market Update: Q1 2024 With Laura Swank
Welcome to Tributary’s Quarterly Market Update, where we take you through the latest trends in Denver’s office market. In this edition, Tributary Partner and Managing Broker Andy Cullen talks with special guest, Laura Swank, Founder of Strategic Change Solutions (SCS). SCS is a workplace strategy firm delivering organizational change, wide-scale transformation and enterprise capability-building solutions.
Re-considering your office strategy? Reach out to our team.