Facebook is taking an additional floor in the office building at 1900 16th St. (BusinessDen file)
Meta, formerly Facebook, has decided to “unfriend” some of its Union Station office space.
The tech giant has been leasing the seventh floor at 1900 16th St. since 2018, and picked up the sixth floor in 2020. Now, the building is up for sale, and the listing states Meta will be giving up some of that space.
Marketing materials prepared by JLL state the 17-story office tower is currently 87 percent leased, but that will drop to 82 percent next March after Meta “rightsizes and extends.”
The office tower is about 400,000 square feet. Five percent of that works out to 20,000 square feet, suggesting Meta is giving up roughly half its space.
The listing brochure suggests the firm renewed for about 24,000 square feet and is paying $40 a square foot in rent. It’s also not the first office space downsizing recently for Meta, who last year paid $181 million to a London landlord to break a lease in a building it never occupied.
Contacted by BusinessDen, a Meta spokesman provided a statement that did not address the downsizing.
Other tenants at 1900 16th St. include PricewaterhouseCoopers and FirstWestern Trust, who pay a little under $40 a foot in rent. Retailers Starbucks and Potbelly Sandwich Shop have space on the ground floor.
The average rent for the property is currently $36.26 a foot. That’s below the market-rate average of $40 a foot, per the listing brochure.
No sales price for the building is included in the listing, though it does highlight a potential development opportunity onsite for a future buyer. It states that 150,000 square feet of office space or 150 780-square-foot apartments could be built on the tower’s parking garage at 1515 Delgany St.
The building received $3.7 million in upgrades to its lobby and amenities in 2021, according tot the marketing materials.
Meta isn’t the only tech firm to shed space in downtown Denver recently. Slack recently moved out of the 19-story 16 Chestnut building at 1681 Chestnut Place. Its 80,000-square-foot office spanned the building’s sixth and seventh floors and is being marketed for lease.
Facebook is taking an additional floor in the office building at 1900 16th St. (BusinessDen file)
Meta, formerly Facebook, has decided to “unfriend” some of its Union Station office space.
The tech giant has been leasing the seventh floor at 1900 16th St. since 2018, and picked up the sixth floor in 2020. Now, the building is up for sale, and the listing states Meta will be giving up some of that space.
Marketing materials prepared by JLL state the 17-story office tower is currently 87 percent leased, but that will drop to 82 percent next March after Meta “rightsizes and extends.”
The office tower is about 400,000 square feet. Five percent of that works out to 20,000 square feet, suggesting Meta is giving up roughly half its space.
The listing brochure suggests the firm renewed for about 24,000 square feet and is paying $40 a square foot in rent. It’s also not the first office space downsizing recently for Meta, who last year paid $181 million to a London landlord to break a lease in a building it never occupied.
Contacted by BusinessDen, a Meta spokesman provided a statement that did not address the downsizing.
Other tenants at 1900 16th St. include PricewaterhouseCoopers and FirstWestern Trust, who pay a little under $40 a foot in rent. Retailers Starbucks and Potbelly Sandwich Shop have space on the ground floor.
The average rent for the property is currently $36.26 a foot. That’s below the market-rate average of $40 a foot, per the listing brochure.
No sales price for the building is included in the listing, though it does highlight a potential development opportunity onsite for a future buyer. It states that 150,000 square feet of office space or 150 780-square-foot apartments could be built on the tower’s parking garage at 1515 Delgany St.
The building received $3.7 million in upgrades to its lobby and amenities in 2021, according tot the marketing materials.
Meta isn’t the only tech firm to shed space in downtown Denver recently. Slack recently moved out of the 19-story 16 Chestnut building at 1681 Chestnut Place. Its 80,000-square-foot office spanned the building’s sixth and seventh floors and is being marketed for lease.
