KBS Closes on Denver’s Granite Tower
The 31-story Class A office tower was bought for $149 million, or $265 per square foot. The transaction is one of Colorado's largest deals this year, according to KBS.
December 20, 2010
By Allison Landa, News Editor
In one of Colorado’s largest deals this year, KBS REIT II has purchased a signature property in Denver’s central business district. The 31-story, 561,691-square-foot Granite Granite Tower was bought for $149 million, or $265 per square foot.
The building is more than 95 percent occupied, with current leases by 20 tenants including Anadarko Petroleum Corp., Bill Barrett Corp., and the law firms of Robinson Waters & D’Orsio PC and Jackson Kelly P.L.L.C. Occupancy has remained above 90 percent for the majority of the previous decade.
Located on 18th Street between Arapahoe and Curtis streets, Granite Tower sits in the city’s Lower Downtown Historic District with close proximity to Coors Field and the redeveloped Union Station. It is the ninth Colorado property owned by KBS-affiliated firms, totaling more than 1 million square feet in the state.
Tim Richey, Mike Winn and Chad Flynn of the Denver office of Cushman & Wakefield represented the seller, while KBS REIT II was represented by KBS Capital Advisors. This year, KBS-affiliated firms have added more than 5.5 million square feet of commercial real estate.
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