Office complex in Cherry Creek sells for $105M

This article first appeared on BusinessDen.com, a BizWest news partner

A two-building office complex in Cherry Creek has changed hands.

Texas-based Granite Properties paid $104.8 million this week for First Avenue Plaza, at 44 Cook St. and 55 Madison St., according to public records.

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The 10-story 44 Cook building contains 127,228 square feet that is 88 percent leased, according to JLL brokers Mark Katz, Peter Merrion and Hilary Barnett, who represented the seller. The eight-story 55 Madison building is 137,046 square feet and 94 percent leased.

The combined deal works out to about $397 per square foot. The buildings were constructed in the 1980s and along with their shared 752-space parking garage comprise nearly a full city block outside the Cherry Creek North Business Improvement District.

The property was sold by a fund managed by a subsidiary of Ares Management Corp., which paid $75 million for it in August 2014, records show.

The previous ownership undertook a series of improvements starting in 2019, according to marketing materials previously available on JLL’s website. Those included constructing spec office suites, creating a new bike room and completing a “showcase tenant amenity center” and outdoor patio.

Tenants at the complex include brokerage MileHiModern, Oakwood Real Estate, Stewart Title and Cherry Creek Mortgage.

Granite also owns a handful of office buildings in the Denver Tech Center and one in Lakewood, according to the firm’s website.