31-story downtown office building changing hands for $204M
This story first ran on BusinessDen.com, a BizWest news partner.
The owner of a 31-story office tower in downtown Denver says it is slated to be sold next month.
Newport Beach, California-based KBS said in an SEC filing this week that it has agreed to sell Granite Tower at 1099 18th St. for $203.5 million.
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The building contains 593,527 rentable square feet, according to the filing. That makes the deal worth about $343 a square foot.
The building is set to be sold to Granite Tower LLC, an affiliate of CP Group, according to the filing. The closing date is expected to be Aug. 16, although KBS noted that date could be pushed back or the deal could fall through.
Boca Raton, Florida-based CP Group, formerly known as Crocker Partners, says on its website that it is the largest office landlord in Florida, and 29th-largest in the United States. The firm does not show any Colorado properties among its portfolio. It did not respond to a Thursday afternoon request for comment.
Tenants at Granite Tower include Personal Capital, Everwest Real Estate Investors and Occidental Petroleum Corp., which last year put six of its floors on the sublease market.
KBS purchased Granite Tower in December 2010, paying $149 million, according to property records.
In January, the company said it had completed $11 million worth of renovations to the building. In May, KBS said it had replaced aging cooling systems and other equipment atop the building.
Locally, KBS also owns three office buildings in the Denver Tech Center, according to its website.
