KBS Signs 18 KSF Office Lease in Denver

A financial services company has renewed and expanded its lease in Granite Tower, a Class A downtown Denver office high-rise.

Granite Tower in Denver
Granite Tower in Denver

KBS REIT II has signed a lease with CoBiz Financial, a diversified financial services firm, renewing and expanding its presence within Denver’s Granite Tower high-rise. The lease encompasses a total of 18,529 square feet. At the start of December, the property had a vacancy rate of 2.5 percent, according to Yardi Matrix.

Located at 1099 18th St. in downtown Denver, the 31-story Class A Granite Tower was constructed in 1982 and renovated in 2010. KBS acquired the tower in 2010 for $149 million from Granite Properties, per Yardi Matrix data. The building is LEED Gold certified and is served by a parking structure with spaces for 615 vehicles. The building’s location puts it next to numerous public transportation routes and a plethora of shopping and dining options. Coors Stadium is a short walk away, within half a mile of the high-rise.

“We are happy to help a long-term tenant with their ever-changing needs at Granite Tower,” said Mark Brecheen, senior vice president with KBS, in a prepared statement. “This short-term renewal and expansion was important for CoBiz, and KBS was happy to help.”

This lease transaction comes after an active year for KBS nationwide, which included the sale of The Citadel, a 131,000-square-foot Denver office asset in the city’s Cherry Creek submarket. Newmark Knight Frank’s Nathan Johnson and Pete Staab represented KBS in the transaction, with Greg Holm of CBRE representing CoBiz Financial.

Image courtesy of Yardi Matrix