Granite Tower is CP Group’s First Buy in the Denver Market
A joint venture by CP Group and Related Fund Management recently acquired Granite Tower, a 31-story 593,527-square-foot LEED Gold class-A office tower in downtown Denver. The purchase price was undisclosed. The transaction is CP Group’s first in the Denver market.
“Entering the Denver market has been a long-term goal for our company,” said Angelo Bianco, CP managing partner. “It embodies similar metrics and growth opportunities to those in the balance of the ‘Smile State’ markets in which we have been investing for 35 years.”
KBS originally purchased Granite Tower in 2010 and the property was part of KBS REIT II. KBS recently completed a series of renovations within the asset.
The transaction demonstrates the resilience of office assets in key markets across the country, according to Gio Cordoves, Western regional president for KBS.
“KBS understands how critical location is to the performance of commercial real estate properties, especially during times of uncertainty and disruption,” says Cordoves. “Many investors turn to markets like Denver, which has been growing rapidly for the last 20-plus years and is positioned for continued growth post-pandemic.”
Built in 1983 as part of a four-tower development formerly known as Stellar Plaza and Plaza Tower, the property is adjacent to the Ritz Carlton, at the gateway to Denver’s Lower Downtown Historic District (LoDo), and near Coors Field and the redeveloped Union Station.
Tim Richey, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill with CBRE represented KBS in the sale.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.