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9/14/21
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Granite Tower, a 31-story, 593.5k sf LEED Gold–certified Class A office tower in downtown Denver, was acquired by a joint venture between CP Group and Related Fund Management. The property, located at 1099 18th St, was sold by KBS REIT II.
KBS originally purchased Granite Tower in 2010. It was built in 1983 as part of a four-tower development and formerly known as Stellar Plaza and Plaza Tower. The 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.
KBS recently completed a series of renovations to Granite Tower, which included constructing a brand-new, state-of-the-art, three-story glass lobby. In addition to the soaring glass entry, the new lobby features renowed chef, Troy Guard’s restaurant Bubu, modern seating areas, and beautiful marble and wood walls. The renovation also included an open deck offering indoor/outdoor collaboration space for tenants, a new conference room and breakout areas, modern tenant lounge area, a best-in-class fitness center with showers/lockers, and secure bike storage. KBS has also renovated the multitenant corridors and restrooms as well as replaced the HVAC units.
Tim Richey, Jenny Knowlton, Chad Flynn, Charley Will and Alex Mulvihill with CBRE represented KBS in the sale of Granite Tower. Attorneys Bruce Fischer and Howard Chu, along with paralegal Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office, together with attorney Mark Baker in Greenberg Traurig’s Denver office, represented KBS as legal counsel in the disposition.
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