CP Group, a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States, and Related Fund Management today announced that they have acquired Granite Tower. The 31-story office tower was purchased from KBS, one of the nation’s largest investors in premier commercial real estate. 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 Managing Partner Angelo Bianco. “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.”
Attractive Investment Opportunity
Granite Tower – a Class A, 600,000 square foot office building – 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 Mall. The property also offers easy access to a wide range of dining and retail options, including three of Denver’s most prominent restaurants: The Palm, Paizano’s, and Elway’s.
“We are thrilled to enter the Denver market with an asset of this pedigree,” said Brett Reese, Senior Vice President at CP Group. “Granite fits directly in our strategy, which is to acquire institutional quality, best located, value-add opportunities in dynamic, growth markets across the country.”
In addition to the property’s unparalleled location, Granite Tower recently underwent an $11 million renovation that was completed earlier this year, enhancing the building’s amenity package to include a fully remodeled lobby, tenant lounge, on-site gym, cafe, and outdoor space. The Venture intends to build off of these enhancements and introduce additional amenities.
The transaction was finalized in an off-market deal by CBRE’s Tim Richey and Jenny Knowlton.
Jamie Roupp with JLL will lead office leasing efforts for the property.
CP Group Remains Active in 2021
The transaction marks CP Group’s sixth in 2021. CP Group’s entry into the Denver market immediately follows their re-entry into the Houston market earlier this summer, with the acquisition of Five Post Oak Park, illustrating their continued investment in the Southwest and optimism around the office sector. In June, CP Group announced the acquisition of CNN Center, the iconic tower in downtown Atlanta, and One Biscayne Tower, a 38-story office property in downtown Miami.
CP Group, formerly known as Crocker Partners, is one of the country’s premier owner-operators and developers of commercial real estate. The organization now employs nearly 200 employees and has a portfolio spanning more than 14 million square feet.
ABOUT CP GROUP
Active in the commercial real estate business for over 35 years, CP Group, formerly Crocker Partners, has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 161 properties, totaling over 51 million square feet and representing over $6.5 billion invested. They are currently Florida’s largest and Atlanta’s second-largest office landlord and rank 27th largest in the United States. Headquartered in Boca Raton, Florida, the firm has regional offices in Atlanta, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.
ABOUT RELATED FUND MANAGEMENT
Related Fund Management is the third-party investment manager affiliated with Related Companies and currently manages approximately $9.7 billion in commingled funds and separately managed accounts on behalf of public and private pension plans, endowments, family offices and sovereign wealth funds. RFM currently has a team of 45 professionals headquartered in New York City with additional offices in Dallas and Los Angeles. Since inception in 2010, RFM has invested across all portions of the capital stack and in all major real estate sectors.
KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $43 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.