Granite Properties Buys Denver Tower, Dallas Plaza
- Mar 15, 2012
By Nicholas Ziegler, News Editor
Granite Properties has made two major office purchases in the last few days: Plaza Tower One in Denver and Cedar Maple Plaza in Dallas.
Plaza Tower One, Granite’s Denver purchase , is a 22-story, 468,885-square-foot property in the Greenwood Plaza submarket of the city. The class A building is currently 88 percent leased to tenants including TCF National Bank, ThyssenKrupp Robins and Merrill Lynch. CBRE Group Inc. represented the seller, Clarion Partners, in the deal.
“This landmark sale is representative of a collective resurgence of confidence in the Denver market.” Tim Swan, a broker with CBRE, said. “Plaza Tower One is perfectly situated to take advantage of the positive trends Denver is experiencing on both the leasing and investment fronts.”
A report by services firm Cushman & Wakefield Inc. corroborates Swan’s assertion. According to the company’s research, two years of consecutive increases in leasing activity has led to a 3.1 percent drop in office vacancy from the peak reached at the end of 2009 — reaching 15.6 percent at the end of last year. “Relatively steady local demand should work to further reduce vacancy rates — especially in class A properties,” the report noted.
Colliers International has been tapped to provide leasing services for the building, which Granite says will undergo “extensive cosmetic improvements and system upgrades.” Plaza Tower One is located in the city’s Southeast submarket and is LEED Gold certified.
Additionally, Granite Properties made a second pickup in the last week, purchasing the 120,000-square-foot Cedar Maple Plaza in Uptown Dallas. The plaza consists of three three-story class A buildings and is located across from the city’s Crescent Hotel. The firm plans to continue common-area improvements started by the property’s former owner, EOP/Blackstone. Cedar Maple is currently 93 percent leased, with Wells Fargo as the lead tenant.
Holliday Fenoglio Fowler L.P. represented the seller in the Dallas deal.