Xcel Energy may soon be moving out of its longtime home at 1800 Larimer St. and into Denver’s trendy River North (RiNo) neighborhood — one of the hottest office submarkets in the city.

At least two well-sourced commercial real estate brokers confirmed to The Denver Gazette the company will be leasing office space at the under-construction T3 office building at 3500 Blake St. in RiNo.

Xcel officials declined comment on the move.

“Xcel Energy’s current lease at 1800 Larimer is set to expire in June of 2025,” according to the statement sent via email to The Denver Gazette. “Over the last year Xcel Energy has been actively evaluating options in the Denver market.  We have not concluded our decision making process.”

The new building, at six stories and 235,000 square feet, is being developed by real estate companies McCaffery, Hines and Ivanhoé Cambridge.

The “T3” stands for timber, transit and technology, according to the Hines website.

The company describes the RiNo neighborhood like this: “home to the city’s creative hub with artisans, painters, photographers, designers, filmmakers, architects, and tech firms.”

Of that space, 17,000 square feet will be ground-floor retail. Builders “topped out” construction in April and advertised a “late 2023” opening.

Neither Hines, nor the office brokers from Jones Lang La Salle, returned emails and calls seeking comment.

“Designed by Pickard Chilton Architects and DLR Group, T3 RiNo features a refined industrial, heavy-timber-structured design incorporating art to pay homage to both Denver’s historic brick and timber buildings, and to the city’s vibrant and rapidly evolving art district,” according to the Hines website. “The building’s timber design is not only 100% renewable, recyclable, and non-toxic, it also supports innovation, connection and well-being, placing the tenant experience at the forefront.”

Brokers have talked about the trend of companies moving to newly constructed office space in the trendy Union Station, Lower Downtown (LoDo) and RiNo submarkets. It’s an effort to provide employees a reason to come to the office, as well as having a flashy presence to house employees traveling from other company locations across the country. 

Xcel would not confirm how many employees currently work at 1800 Larimer, or how many would use the new space at T3, but brokers said it would be a significant reduction of office space for the company.