CP Group and Related Fund Management have acquired Granite Tower. The 31-story office tower was purchased from KBS. The sales price was not disclosed.
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, managing partner, CP Group. “It embodies similar metrics and growth opportunities to those in the balance of the ‘Smile State’ markets in which we have been investing in for 35 years.”
KBS originally purchased Granite 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. It is situated within the heart of Denver's central business district, one of the city's most vibrant live-work-play environments. It is attached to the Ritz-Carlton and located within walking distance to popular destinations such as Coors Field and 16th Street
