Granite Properties Grows Denver Tech Center Portfolio
- Sep 13, 2019
Granite Properties purchased Regency Plaza, a premier office building in Denver. According to the Colorado Real Estate Journal, the property traded for $71.3 million. The seller was Barings, having acquired the asset for $55 million in September 2008, Yardi Matrix data shows.
Located at 4643 S. Ulster St. within the Denver Tech Center submarket, Regency Plaza encompasses 319,000 square feet across 15 stories. It received LEED Gold Certification in 2018 and features covered parking, on-site food service, a training room and a fitness center. The property is adjacent to the Hyatt Regency hotel and is minutes away from retailers and eateries. Major thoroughfares such as interstates 25 and 225 provide easy access throughout the entire area.
At the time of sale, the asset was 93 percent occupied. Colliers International’s Bob Whittelsey and Abby Patillo will handle the leasing efforts going forward. According to Granite’s website, the company’s Denver portfolio includes three other assets, with one of those also situated in the city’s tech corridor—the nearly 162,000-square-foot Prentice Plaza.
The new landlord has embarked on an expansive improvement program, which will result in upgrades to the main lobby, elevator cabs, fitness center, conference room, outdoor plaza and common area corridors. The company selected DLR Group’s Jessie Johnson to lead the planned renovations.
The CBRE team of Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn represented the seller in the transaction. Granite Properties was represented in-house by Senior Managing Director Stephanie Lawrence, Senior Director of Investments Paul Bennett and Investment Associate Patrick Miller. This year, the company also added an 824,000-square-foot Houston property to its growing portfolio.