Crestone Partners Buys Denver Office Tower
- Dec 18, 2017
Crestone Partners LLC has teamed with an institutional investor to acquire Granite Place at Village Center, a 10-story, 299,568-square-foot, Class AA office tower in Greenwood Village, Colo.
HFF secured $70.7 million in acquisition financing for the buyer, arranging a six-year, fixed-rate, interest-only loan through Principal Real Estate Investors.
Located at 6165 S. Willow Drive in the southeast submarket of Denver, the state-of-the-art building boasts a large community area on the ground floor, full-height glass providing abundant natural light and mountain views, conference facilities with a boardroom, a large training room and pre-function staging area. There’s also a fitness center and a full-service café.
The property can be seen from Interstate 25, and is within close walking distance to the Village Center light rail station, as well as to numerous shopping, dining and residential options.
New to the scene
Designed by Open Studio Architecture, Granite Place at Village Center was completed earlier this year.
Currently, the building is fully leased to two companies—Charter Communications, one of the largest private employers in Greenwood Village, and CSG International.
Eric Tupler, HFF’s senior managing director, led the debt placement team on the deal.
The Denver office market has seen a lot of activity in 2017, with noteworthy deals including Amstar’s acquisition of the 131,000-square-foot The Citadel in the Cherry Creek submarket from KBS Realty Advisors for $37 million; and a private equity firm’s acquisition of the 184,738-square-foot Church Ranch Office Center in Denver’s Westminster submarket.
Image courtesy of HFF