The move initially will only bring a handful of executive jobs. The executives will join about 170 people who already work in a Public Service Co. building at 550 15th St.

Still, the move is being heralded as a positive sign for Denver. Anne Warhover, president of the Downtown Denver Partnership, notes that the move could have gone the other way, costing downtown 170 jobs.

Utility Engineering leased 66,863 sf in Park Central at 1515 Arapahoe St. And it has an option for about another 10,000 sf there. The company's name and logo will be put on top of the building.

"The most important thing about this is it is a new downtown corporate headquarters," said Barry Dorfman, president of the Staubach Co. in Denver. Dorfman handled the deal with Staubach vice president Matthew Anderson. "This is also pure absorption," Dorfman tells GlobeSt.com.

Other brokers agree with him, even though Utility Engineering is leasing about 56,000 sf in the Public Service Co. building."Public Service will probably just back fill that space," Dorfman tells GlobeSt.com.

Doug Wulf, a broker with Fuller and Co., which represents the Park Central building, tells GlobeSt.com that it's not like Public Service will suddenly put that building on the market and start competing with other downtown buildings.

Raymond F. Rugg, president and CEO of Utility Engineering, says he expects that other corporate functions across the country will gradually move to Denver.