DENVER—Cresent Real Estate Holdings LLC, says that Johns Manville renewed its lease to remain the building anchor and namesake for Johns Manville Plaza in Downtown Denver. The deal for 118,865 square feet keeps Johns Manville’s world headquarters in Downtown Denver for at least another 12 years. The Johns Manville deal helps boost Downtown Denver’s claim as the hub of the region. Downtown Denver has approximately 112,000 employees and 65,000 residents live in Denver City Center neighborhoods, according to the Downtown Denver Partnership.
“The decision of Johns Manville to continue to host their world headquarters in Downtown Denver is very significant as it represents the retention of approximately 400 jobs,” said Tami Door, President and CEO of the Downtown Denver Partnership. “As with a growing number of companies, Johns Manville recognizes the benefits of having their headquarters in Downtown Denver. They are an important member of the Downtown business community and their continued tenure is incredibly impactful and positive for our city center.”
Johns Manville conducted a thorough evaluation of economics, employee and business logistics, and explored a number of options before deciding to remain at Johns Manville Plaza, according to president and CEO Mary Rhinehart. “There were several excellent choices in the Denver metro area where we could conduct our headquarters operations,” said Rhinehart. “However, at the end of the day, our current location provided the greatest benefit across all of the factors we considered.
“We are excited to keep our world headquarters in Downtown Denver,” Rhinehart added. “The city of Denver, the Downtown Denver Partnership and Crescent Real Estate worked cooperatively to help us remain an anchor company in Downtown Denver.” In addition to its downtown location, Johns Manville has a 325,000 square-foot technical center southwest of Denver. The technical center location will remain in place.
“I want to thank Johns Manville for renewing their commitment to downtown and thank the Downtown Denver Partnership for working with the city to keep the heartbeat of our local economy strong,” Denver Mayor Michael B. Hancock said. “The city is focused on retaining businesses right here in Denver by working with them to stay and prosper. These efforts have allowed us to grow or retain over 1,600 jobs and deliver a great city to live, work, play and stay.”
Johns Manville Plaza, as part of Crescent’s Denver City Center, is in the heart of the 17th Street Financial District and an expanding Downtown, and is convenient to other areas of metro Denver. Johns Manville Plaza is on the Denver Light Rail line with stops both in front and behind the 29-story Class A office building.
“Keeping a global manufacturing leader like Johns Manville in our building enhances the prestigious brand of Crescent Real Estate’s Denver City Center properties,” said John Goff, Chairman and CEO of Crescent Real Estate Holdings LLC, based in Fort Worth, TX. “Contributing to the attraction of Johns Manville Plaza is the convenience of being located in the heart of Downtown Denver and the Financial District, along with vibrant retail, entertainment and transportation options.”
In addition to Johns Manville Plaza, the properties at Denver City Center include 707 17th Street and the Marriott Denver City Center. The Marriott Denver City Center occupies the first 20 floors of 707 17th Street. The buildings share Denver’s largest outdoor plaza complete with trees, flowers and outdoor sitting areas. The plaza and retail area will undergo a renovation this spring to provide an additional 12,000 square feet of new retail, restaurant and entertainment options.
Basham represented the owner MS Crescent Two SPV, LLC in the lease transactions. Johns Manville was represented by Sam Depizzol and Greg Holm of CBRE.
Johns Manville (JM), a Berkshire Hathaway company, is a leading manufacturer and marketer of premium-quality building insulation, commercial roofing, roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications.