In an effort to expand its portfolio of well-located, high-quality work environments, Granite Properties has acquired First Avenue Plaza, a two-building office complex consisting of 44 Cook Street, a 10-story, Class-A, 127,000 square foot building, and 55 Madison Street, an 8-story, Class-A, 137,000-square-foot building.
Peter Merrion, Mark Katz and Hilary Barnett of JLL represented the seller, a fund managed by a subsidiary of Ares Management Corporation. Stephanie Lawrence, Paul Bennett and Hally Osdick represented Granite.
“First Avenue Plaza provides an inviting, high-quality work environment just a short walk from upscale restaurants, shops and the Cherry Creek mall. It’s ideally positioned to help companies attract top talent to grow their business,” said Stephanie Lawrence, senior managing director, Granite Properties. “This acquisition offers Granite a unique opportunity to enter a very attractive and resilient submarket with high office demand and a tight supply. We consider it a very strong addition to our Denver portfolio,” she added.
First Avenue Plaza offers ample indoor and outdoor space for customers to work, meet and socialize. Along with recently updated common corridors and restrooms, the property features an outdoor plaza connecting the two buildings, offering a variety of seating options and a fireplace. The building also has a new customer amenity center containing a boardroom, additional collaboration areas and coffee service. Additional amenities include a training room, showers and lockers and bike storage.
In addition, the project provides a 2.9/1,000 parking ratio, which is one of the highest offered in the parking-constrained Cherry Creek submarket. Granite also plans to introduce on-demand food options, including grab-n-go, FOODA and food trucks to further enhance the customer experience at the project.
Eric Tupler and Leon McBroom of JLL’s Debt Advisory team secured an acquisition loan for Granite. Lewis Kasner and Alfie Meyerson of Jackson Walker represented Granite as attorneys for the acquisition and debt financing. The project is being leased by Jeff Caldwell of Pinnacle Real Estate Advisors.
With the acquisition of First Avenue Plaza, Granite expands its Denver portfolio to 1.55 million square feet of office properties, which include Plaza Tower One, Regency Plaza, Prentice Plaza, High Pointe Tower and 143 Union.
