KBS has sold Granite Tower, a 31-story, 593,527 square-foot Class A office tower in downtown Denver, Colorado to a joint venture between CP Group and Related Fund Management.
Granite Tower is located at 1099 18th Street in Denver, Colorado. KBS originally purchased the office tower in 2010. Built in 1983 as part of a four-tower development and formerly known as Stellar Plaza and Plaza Tower, the asset today consists of 593,527 square feet of office space.
The LEED Gold–certified property, which contains a 774-space, three-level parking structure with 615 spaces dedicated to its office tenants, is adjacent to the Ritz Carlton, at the gateway to Denver’s Lower Downtown Historic District (LoDo), and with close proximity to Coors Field and the redeveloped Union Station.
The transaction demonstrates the resilience of superior office assets in ideal locations 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.”
Last month KBS had sold another offiice property in Denver, Colorado for $66 million.
Tim Richey, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill with CBRE represented KBS in the sale of Granite Tower.