A Denver-based commodities trading firm that purchased the office building at 1430 Wynkoop St. last week plans to move its headquarters there.
Concord Energy has been based a block away, in a building it bought in 2018. But Chief Legal Officer Stephen Tsai said the company is outgrowing the approximately 9,000 square feet there.
“We’re expanding and our current office at 1408 Wazee is just getting too small,” Tsai said.
Concord paid $9.5 million to buy the four-story, 44,045-square-foot building from Denver-based developer Westfield, records show.
Westfield had bought the building from Seattle-based Unico Properties the same day, as part of a $17 million deal that also included the adjacent parking lot at 1420 Wynkoop. Westfield didn’t respond to requests for comments regarding the company’s plans for the parking lot.
Tsai said Concord, founded in 2002, hasn’t determined how much of the 1430 Wynkoop building it will use, and might lease some of it to other firms. The building needs some upgrades, and Concord will likely start by fixing up the first floor so it can move in there.
Tsai said Concord might then sell the 1408 Wazee building and its attached parking lot.
“The plans are pretty fluid right now,” he said.
The fully vacant 1430 Wynkoop building was last occupied by Messner Reeves, which leased a portion of it until late last year. The law firm, which moved to 1550 Wewatta St., used to own the building. It sold it to Unico in 2015.
Concord has about 50 employees, most of them in the Denver area, Tsai said. That includes its subsidiary North Bridge Carbon, which specializes in carbon credits.
Unico marketed the property — both the office building and the parking lot — for sale last year after abandoning plans to develop the parking lot itself. Tsai said Concord reached out to Westfield after learning the company intended to buy it.
Prior to buying its current space on Wazee Street, Concord had its main office at 1401 17th St. and 707 17th St.
“We like this area,” Tsai said. “We’ve been down here for a while.”
Source:: The Denver Post – Business