Denver was among three other cities selected to be the new regional office locations for the U.S. Patent and Trademark Office. Other patent office locations announced Monday were Silicon Valley, Detroit and Dallas.

The expansion is intended to help cut red tape, foster American innovation in the global marketplace more quickly and create jobs.

“Intellectual property protection and innovation are engines of economic growth and the bedrock of America’s private sector,” said Acting U.S. Commerce Secretary Rebecca Blank.

The move should also help attract talent that isn't living in Washington D.C.

“By expanding our operation outside of the Washington metropolitan area for the first time in our agency’s 200-plus year history, we are taking unprecedented steps to recruit a diverse range of talented technical experts, creating new opportunities across the American workforce,” said David Kappos, Director of the USPTO.

Denver faced competition from Portland, Seattle, Salt Lake City and Albuquerque for the site but was chosen based on U.S. Census data showing the Metro Denver region as having one of the highest per capita rates of people with science and technology degrees, relatively low living costs, and as the top city for relocating adults ages 25-34.

In addition to attracting local tech talent, the move into the Mile High City is also expected to bring an economic impact of $440 million within the office's first five years.

A part of the Leahy-Smith America Invents Act of 2011 (AIA), signed into law by President Obama last September, requires the U.S. Patent and Trademark Office to establish regional satellite locations as part of a larger effort to modernize the U.S. patent system over the next three years.

“This is a well-deserved victory for the state of Colorado,” said Sen. Michael Bennet, in a prepared statement. “This tremendous news affirms what we already know about our state – that we are leaders in innovation, technological development, and economic growth. The new office will provide a boost to the growing high-tech industries in Colorado, such as the bioscience, clean energy, and aerospace fields.