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930K-SF Denver Place Acquired by CP Group, Time Equities
CP Group and Time Equities acquired Denver Place for $47 million. Denver Place is a 930,020-square-foot mixed-use office property in Denver’s Central Business District. Traded reports LBA Properties, the previous buyer, paid $200 million for Denver Place in 2007.
On 18th Street, Denver Place is adjacent to Granite Tower, CP Group’s first acquisition and entry into the Denver market in 2021. CP paid $174 million for Granite Tower.
The previous owner spent $20 million on a capital improvements program, modernizing elevators; adding a new tenant clubhouse featuring a pickleball court, golf simulator, climbing wall, lounge, and bar; a fitness center; a conference center; and an outdoor landscaped roof/patio area on the third floor called “The Park,” which is available to all tenants.
CP Group plans to upgrade the lobby and existing amenities.
Tim Richey of Newmark and Jenny Knowlton and Charley Will of CBRE represented the seller. CP Group and Time Equities represented themselves. Chris Phenicie and Allison Berry of CBRE will continue to oversee leasing for Denver Place.
(The story was updated to add the sales price.)
- ◦Sale/Acquisition
