A rendering of the 250 Clayton office building, with the existing 200 Clayton building behind it. (Courtesy Broe Real Estate Group)
Broe Real Estate Group is on to Phase 2.
The Denver-based development firm completed an 8-story office building at 200 Clayton St. in 2023. It had planned to quickly follow that with construction on an even larger building to the north.
But the firm ended up taking a pause that lasted more than two years.
BREG CEO Doug Wells said Wednesday that was in part due to the firm’s capacity. It spends $200 million to $300 million on construction a year on projects around the country, he said, and can only focus on so much at a time.
But it was also about taking the time to do things right, he said.
“It’s intended to be a long-term ownership hold for the Broe family,” he said of the two buildings.
That pause is ending. BREG, which is part of industrialist Pat Broe’s Broe Group, will begin demolishing the existing buildings at the development site in the first quarter of 2026 and start construction immediately after.
The 250 Clayton building will be 8 stories and 175,000 square feet. The Beck Group design-build project will have what BREG says will be the largest floorplates in Cherry Creek North, at 25,000 to 30,000 square feet.
That’s a notable feature in the city’s hottest office market, where vacancy in the nicest Class A buildings is in the single digits and where small floorplates — more commonly 10,000 to 15,000 square feet — have long been seen as limiting the types of companies the neighborhood can attract.
The 250 Clayton building was originally planned to be somewhat smaller. But BREG expanded the scope in 2021, opting to demolish a building the company originally planned to leave between the two new structures.
“We think of them as one campus,” Wells said of the two buildings, noting that the parking beneath the structures will connect.
The building will also have 10,000 square feet of retail space and a drive-thru entryway.
A rendering of 250 Clayton’s drive-thru entryway. (Courtesy Broe Real Estate Group)
BREG says it is spending $200 million between the completed 200 Clayton and 250 Clayton, where construction is expected to finish in the second quarter of 2028. The company says its delivery will give it $1.5 billion in holdings in the area.
That portfolio includes The Seasons of Cherry Creek building, which BREG paid $225 million for in 2023, and the twin 32-story Country Club Towers in West Wash Park, which it developed last decade.
The 250 Clayton development site currently has two smaller office buildings and a parking garage on it. Tenants of those buildings will move out by the end of the year.
Those tenants include BREG, parent company Broe Group and OmniTRAX, a railroad company owned by Broe. The family has called Cherry Creek home for five decades.
“We truly believe Cherry Creek is a special place, and we feel a shared responsibility to our community,” family member Brianna Broe said in a statement. “We have taken great care to create a high-quality project that adds to Cherry Creek’s well-earned reputation and inspires what’s to come.”
The companies will move for now to 50 S. Steele St., an older office building BREG owns. Then, they will move into 250 Clayton, taking up 24% of the building.
Broe Real Estate Group CEO Doug Wells at a 2021 groundbreaking ceremony for 200 Clayton. (BusinessDen file)
Wells said 250 Clayton does not have any other committed tenants, although there are “active conversations.”
“I think tenants take you more seriously once you’re going,” Wells said.
Despite headwinds that include high construction costs and interest rates, Cherry Creek remains a hotbed for development.
Schnitzer West and Magnetic Capital will each finish constructing office buildings next year, at 201 Fillmore St. and 3250 E. Second Ave., respectively. East West Partners’ Cherry Creek West project will remake the west end of the mall. And Matt Joblon’s BMC Investments has three projects going: an office building at 242 Milwaukee St., an apartment building on the same block and Cherry Lane, which involves new apartments, office space and retail space along First Avenue.
A rendering of the 250 Clayton office building, with the existing 200 Clayton building behind it. (Courtesy Broe Real Estate Group)
Broe Real Estate Group is on to Phase 2.
The Denver-based development firm completed an 8-story office building at 200 Clayton St. in 2023. It had planned to quickly follow that with construction on an even larger building to the north.
But the firm ended up taking a pause that lasted more than two years.
BREG CEO Doug Wells said Wednesday that was in part due to the firm’s capacity. It spends $200 million to $300 million on construction a year on projects around the country, he said, and can only focus on so much at a time.
But it was also about taking the time to do things right, he said.
“It’s intended to be a long-term ownership hold for the Broe family,” he said of the two buildings.
That pause is ending. BREG, which is part of industrialist Pat Broe’s Broe Group, will begin demolishing the existing buildings at the development site in the first quarter of 2026 and start construction immediately after.
The 250 Clayton building will be 8 stories and 175,000 square feet. The Beck Group design-build project will have what BREG says will be the largest floorplates in Cherry Creek North, at 25,000 to 30,000 square feet.
That’s a notable feature in the city’s hottest office market, where vacancy in the nicest Class A buildings is in the single digits and where small floorplates — more commonly 10,000 to 15,000 square feet — have long been seen as limiting the types of companies the neighborhood can attract.
The 250 Clayton building was originally planned to be somewhat smaller. But BREG expanded the scope in 2021, opting to demolish a building the company originally planned to leave between the two new structures.
“We think of them as one campus,” Wells said of the two buildings, noting that the parking beneath the structures will connect.
The building will also have 10,000 square feet of retail space and a drive-thru entryway.
A rendering of 250 Clayton’s drive-thru entryway. (Courtesy Broe Real Estate Group)
BREG says it is spending $200 million between the completed 200 Clayton and 250 Clayton, where construction is expected to finish in the second quarter of 2028. The company says its delivery will give it $1.5 billion in holdings in the area.
That portfolio includes The Seasons of Cherry Creek building, which BREG paid $225 million for in 2023, and the twin 32-story Country Club Towers in West Wash Park, which it developed last decade.
The 250 Clayton development site currently has two smaller office buildings and a parking garage on it. Tenants of those buildings will move out by the end of the year.
Those tenants include BREG, parent company Broe Group and OmniTRAX, a railroad company owned by Broe. The family has called Cherry Creek home for five decades.
“We truly believe Cherry Creek is a special place, and we feel a shared responsibility to our community,” family member Brianna Broe said in a statement. “We have taken great care to create a high-quality project that adds to Cherry Creek’s well-earned reputation and inspires what’s to come.”
The companies will move for now to 50 S. Steele St., an older office building BREG owns. Then, they will move into 250 Clayton, taking up 24% of the building.
Broe Real Estate Group CEO Doug Wells at a 2021 groundbreaking ceremony for 200 Clayton. (BusinessDen file)
Wells said 250 Clayton does not have any other committed tenants, although there are “active conversations.”
“I think tenants take you more seriously once you’re going,” Wells said.
Despite headwinds that include high construction costs and interest rates, Cherry Creek remains a hotbed for development.
Schnitzer West and Magnetic Capital will each finish constructing office buildings next year, at 201 Fillmore St. and 3250 E. Second Ave., respectively. East West Partners’ Cherry Creek West project will remake the west end of the mall. And Matt Joblon’s BMC Investments has three projects going: an office building at 242 Milwaukee St., an apartment building on the same block and Cherry Lane, which involves new apartments, office space and retail space along First Avenue.
