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January 16, 2019
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Anardarko Petroleum Corp Inks 295k sf Extension Deal at Granite Tower in Denver

1/08/19

Anadarko Petroleum Corp agreed to a 12-year extension lease for 295.7k sf of space at Granite Tower in Denver. The transaction is the largest lease signed in Denver for 2018 and makes up part of the 384.7k sf of signings at Granite Tower during the fourth quarter of 2018.

Other new tenants at the property include Inflection Energy LLC, MountainView Financial and Causey Demgen & Moore P.C. Terms of these deals were not disclosed.

Existing tenants, Bankers’ Bank of the West and Personal Capital, renewed and expanded their leases at Granite Tower. KBS was able to consolidate Personal Capital from Granite Tower’s third floor and a nearby building into two floors with interconnective stairways, saving the tenant significant amounts in rent and operating costs.

Known as a landmark in the area, Granite Tower is a 31-story, Class A office tower that offers a total of 591k sf. The LEED Gold-certified property is located at 1099 18th St in Denver’s Central Business District (CBD). The property is also in close proximity to Coors Field, home to the Colorado Rockies, and Union Station, a lively neighborhood known for its dining and shopping options. It is one of nine remaining properties in the KBS REIT II portfolio.

KBS has significant renovations planned for Granite Tower. Construction is expected to begin in May 2019. Plans include a bright and transparent architectural pavilion that will expand the main lobby and ground floor common area and support a new food and beverage operation extending to the upgraded outdoor gathering space. Furthermore, a new, 100-bicycle storage facility will be located adjacent to the expanded lobby with easy access to the building elevators.

The capstone of the new improvements will be converting the entire third floor into a new amenity floor, which will feature an open lounge and outdoor deck overlooking downtown. Tenants will also be able to host formal meetings accommodating up to 138 people in the new conference facility and enjoy a new gym with group workout classes, Peloton bikes and locker rooms.

“KBS’ overall strategy has been to acquire high quality office assets that are well located, then implement aggressive renovations to properly compete with significant developments occurring across the country. Our thoughtful and forward-thinking renovations at Granite Tower have proven key to attracting and retaining premier tenants at the property,” said Rodney Richerson, Western regional president for KBS.

Jim Bailey of Cushman & Wakefield represented Anadarko Petroleum Corp, Robert Whittelsey and Chris Wiley of Colliers International represented Causey Demgen & Moore P.C., Mike Rooks and Tim Bourdelais with JLL represented Bankers’ Bank of the West, Lindsay Brown and Tom Lepry with JLL represented Inflection Energy and Brian Hutt of Cushman & Wakefield represented MountainView Financial. Andy Ross and Jamie Roupp of JLL, and Nathan Johnson and Pete Staab with Newmark Knight Frank represented KBS in the transactions.





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