Ibotta, the fast-growing digital cash-rewards company, is moving its headquarters to 85K SF of office space at 1400 16th St. next year.
The move by the Denver-born tech company aims to solve some of the logistical and cultural challenges that come with fast growth since the pandemic, Ibotta CEO Bryan Leach told the Denver Business Journal. It’s also born of a desire to compete for talent with tech giants like Amazon and Meta.
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The benefits, he said, include access off of Speer Boulevard for employee commutes and proximity to amenities offered in the area. The redesigned space will accommodate about 500 of the company’s more than 800 national employees while continuing to support its hybrid work culture.
Ibotta was founded in 2012 and went public earlier this year. Its most recent earnings report shows double-digit year-over-year growth through partnerships with retailers like Albertsons, Target and Walmart.
The DBJ reports the move will happen in September 2025, when Ibotta will vacate its space at 1801 California St.
Leach pointed to Colorado’s vision for future commuter rail connections between Colorado Springs and Fort Collins, a major goal of Gov. Jared Polis and other state officials, as having the potential to pull talent in from across the state.
The new office is also close to Ball Arena, which will soon be undergoing its own major renovation.
Downtown Denver struggles with reduced foot traffic and office occupancy in the wake of the pandemic. But despite downtown’s hurdles, Leach is optimistic about its trajectory and believes companies like Ibotta play a role in shaping Denver’s future.
More than 1.4M SF of office space has been leased in the downtown submarket this year, according to data provided to Bisnow by the Downtown Denver Partnership.
Organizations like Amazon, Stack Infrastructure and the U.S. Department of Homeland Security have either moved into the city or expanded their footprint. Seventy-nine percent of that activity has been new leases and 21% was renewals.
Bet365, a UK-based online sports betting firm, moved its U.S. headquarters into Denver in Q3, leasing 119K SF at 1701 Platte St., making downtown the only submarket to show positive net absorption during that period.
However, downtown's office vacancy rate remains stubbornly high at 34%.
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