DENVER (KDVR) – After two decades in business, the Larimer Square location of Ted’s Montana Grill has closed.

According to a post on the business’s Facebook page, it was unable to come to a lease agreement with the landlord.

“We have made the difficult decision to close this location today as we were unable to negotiate an extended lease with Larimer Square’s current ownership, Asana Partners of North Carolina,” the post said.

Ted’s isn’t the first business to close in this part of downtown. There are several other vacant storefronts on the square, which is located in the Union Station neighborhood on Larimer Street between 14th and 15th streets.

In 2021, chef Troy Guard closed his flagship restaurant Tag, which had been open in the square for more than a decade. And last year Bistro Vendome moved from Larimer Square to Park Hill. Chef Frank Bonnano closed his underground cocktail bar-speakeasy, Green Russell, and Russell’s Smokehouse at the end of 2022.

Larimer Square is still home to several popular restaurants including The Capital Grille, Rioja and Ocean Prime.

Nearby, on the 16th Street Mall, the Downtown Denver Partnership is offering stipends to cover three months of rent for businesses opening locations.

An analysis from FOX31’s Data Desk in February used cell phone activity downtown as a proxy for foot traffic. In the fall of 2022, cell phone usage was only around 60% of what it was during the same time period of 2019.

That same analysis looked at Denver Downtown Partnerships’ reporting on office vacancy rates, which were at 11.5% in the first quarter of 2020 before the COVID-19 pandemic caused widespread shutdowns and a shift to remote work, but have since increased to 21.6% in the first quarter of this year.

Larimer Square was purchased by real estate investment firm Asana Partners at the end of 2020.

“We plan to invest the necessary capital to both restore and preserve the historic nature of these buildings within their existing footprint and improve the spaces to meet the expectations of today’s retail and creative office tenants,” Brian Purcell, managing director at Asana Partners, said in an announcement of that purchase.

Ted’s Montana Grill is a national chain with several other locations in the Denver area including Littleton, Aurora, Lakewood and Westminster.

“We’re incredibly grateful for the widespread support and the relationships we have developed throughout the years,” the company’s Facebook post said.