As it prepares to close its massive office in downtown Denver, TIAA is moving the local operations that will remain to Glendale.
The financial services provider leased space on the 11th floor of the Galleria building at 720 S. Colorado Blvd., according to Cushman & Wakefield broker Dan Beer.
“They’re taking over some space that was already nicely finished, with unimpeded western views,” Beer said.
Beer and colleague Mike Coppola represented the landlord in the deal. Beer declined to specify the size of the lease, though listing documents show the company is taking 8,300 square feet.
“A lot of tenants are really attracted to the Galleria for the views, the amenities, and we have a new cafe and walkable restaurants,” Beer said.
TIAA announced last year that it would break its lease at 1670 Broadway downtown, which had been set to expire at the end of the decade, and close its 1,000-employee office there. The tower is topped with TIAA signage. The Denver Post reported in 2016 that TIAA was expanding to take 350,000 square feet, which amounted to half the building.
The bulk of the Denver operations are being moved to Frisco, Texas. But a TIAA spokeswoman confirmed to BusinessDen that the company is maintaining a small presence in the Denver area for its wealth clients.
The Galleria is a 1970s building with two 13-story towers that last sold in 1993 for $16 million, according to public records. Beer said its owner recently poured $18 million into lobby and building renovations.
“It’s a great value and alternative to Cherry Creek and downtown. We’ve done 10 new deals this year and we have another six leases out that we hope to close before year end,” he said.
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