Acquisition of recently renovated towers furthers CP Group’s investment in downtown Denver
DENVER--(BUSINESS WIRE)--CP Group, a value-add owner-operator of office properties across the Sunbelt, in partnership with Time Equities, Inc. (“Time Equities”), a diversified investment and development firm, today announced the acquisition of Denver Place, a 930,020-square-foot mixed-use office property in Denver’s Central Business District in an off-market deal. Positioned along 18th Street, Denver Place is adjacent to Granite Tower, CP Group’s first acquisition and entry into the Denver market in 2021.
"Our goal with Denver Place is to focus on placemaking,” said Angelo Bianco, Founding and Managing Partner of CP Group. “This is one of the few assets in the city with the scale and architecture to serve as a genuine venue for the public, and we intend to lean into that. By adding retail focused on the needs of the downtown community, and activating the common areas with our signature hospitality, tenant experience, and visual arts programs, we will create a high-energy ecosystem that integrates seamlessly with the Denver community. The most valuable real estate fosters human connection and creates a business and cultural hub."
CP Group plans to activate the lobby and revitalize the existing amenities. The firm will also implement its signature, portfolio-wide Tenant Experience program, which delivers elevated concierge service, seamless communication, and even curated local art collections and pop-up events to foster engagement and a sense of community.
“We are excited to partner with CP Group on the acquisition of Denver Place,” said Jonathan Dulberg of Time Equities. “CP Group brings a significant track record in the market and a proven ability to execute value-add strategies. We look forward to working together to enhance the property and create long-term value.”
Tim Richey of Newmark and Jenny Knowlton and Charley Will of CBRE represented the seller. CP Group and Time Equities represented themselves. Chris Phenicie and Allison Berry of CBRE will continue to oversee leasing for Denver Place.
The previous owners recently executed a $20 million capital improvements program, providing a turnkey asset experience that includes fully modernized elevators; a new tenant clubhouse featuring a pickleball court, golf simulator, climbing wall, lounge, and bar; a fitness center; a conference center; and an outdoor landscaped roof/patio area on the third floor called “The Park,” which is available to all tenants. The buildings’ interiors were also upgraded with high-end finishes and feature a grand staircase with modern theater-style seating and wood accents, a green moss-and-fern wall, three large-scale atrium skylights, a custom 22-foot-high media wall, a library, and more.
"The acquisition of Denver Place is a significant milestone that solidifies our long-term conviction in the Denver market,” said Christopher Cauthen, Senior Vice President for CP Group who oversees the firm’s Texas, Colorado, and Arizona territory. “By controlling nearly two million square feet along the 18th Street corridor, we have achieved a level of scale that allows us to truly shape the tenant experience in the heart of the Central Business District. Denver’s strong employment fundamentals and ongoing downtown revitalization make this an ideal time to deepen our roots and contribute to the city’s continued growth."
Developed by Devco Property Inc. and designed by Marvin E. Knedler & Associates Architects in 1981, Denver Place’s two towers are linked by a six-story podium, and the property includes a three-level, subterranean parking garage offering 968 spaces. It is currently home to 55 tenants from a diverse range of industries, including law, finance, and professional services.
Denver Place is located just two blocks from Lower Downtown (LoDo) neighborhood and is only six blocks from RiNo Arts District, offering one of the most convenient and walkable locations in Downtown Denver. Denver Place is also ideally situated in the region’s central transportation hub, affording tenants easy access to the light rail just two blocks away as well as the circulator shuttle, which runs along 17th and 18th Streets. Union Station is only six blocks from the property, offering access to bus routes, commuter rail, and additional light rail lines. Additionally, Denver Place sits just one block from the 16th Street Mall, which is in the midst of a $100 million revitalization.
About CP Group
Founded in 1986, CP Group is a vertically integrated commercial real estate firm and value-add investor with deep market knowledge across the Sunbelt. The firm has acquired, repositioned, and operated over 170 office and mixed-use properties, totaling more than 64 million square feet and valued at over $8 billion. The firm applies its market expertise and integrated operations to deliver experience-driven environments that support tenant retention and maximize asset value. CP Group maintains offices in Atlanta, Boca Raton, Dallas, Denver, Jacksonville, Miami, and Washington, D.C. For more information, visit CPGcre.com.
Contacts
Media Contact:
Jordan Rankin, Antenna Group
646.887.2699
Jordan.rankin@antennagroup.com
