Johns Manville has re-upped the lease for its 121,000-square-foot global headquarters in Downtown Denver, after shopping for other sites.
The Fortune 500 manufacturer of insulation and building materials has renewed the lease for five floors at the 29-story Johns Manville Plaza at 717 17th Street, in the Central Business District, the Denver Business Journal reported.
Johns Manville extended its lease to 2035 from an affiliate of Brookfield Properties, based in New York. Financial terms of the deal were not disclosed.
Brokers Barry Dorfman, Patrick Bolick, Tim Bourdelais and Janessa Biller of JLL represented Johns Manville in the deal, while JLL’s Michael Crane, Andy Ross and Julie Rhoades represented the landlord.
The Berkshire Hathaway-owned firm is expected to update its offices this year inside the 693,600-square-foot building, the ninth largest tower in Downtown.
The lease renewal marks a major win for Downtown, where a shift to remote work has led tenants to downsize their offices.
Johns Manville, which moved to Downtown in 1988, had searched other possible locations for its global headquarters, including outside Denver, the company said.
It also reached out to Denver city officials and the Downtown Denver Partnership for information about safety, construction, traffic and parking in the city’s core.
“We are thrilled that Johns Manville and its employees have made a strategic and intentional decision to remain in the heart of our downtown corridor,” said Denver Mayor Mike Johnston in a statement.
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The Johns Manville hub is owned by BPREP 717 17TH Street LLC, which in 2020 took out a $230 million loan on the property set to mature in February.
Brookfield Properties has modernized the beige concrete building, built in 1978, by renovating the lobbies and elevator cabs and presenting displays by local artists, the company said.
Johns Manville’s “decision to remain rooted here reaffirms the success of our efforts and reinforces our shared commitment to shaping a bright future for the city of Denver,” David Sternberg, Western region head for Brookfield Properties’ office business, told the Business Journal.
— Dana Bartholomew