In an effort to expand its portfolio of well-located, high-quality work environments, Granite Properties acquired First Avenue Plaza, a two-building office complex comprising 44 Cook Street, a 127,000 square foot 10-story Class A building and 55 Madison Street, a 137,000 sq. ft. 8-story Class A building square feet. foot building.
Peter Merrion, Mark Katz and Hilary Barnett of JLL represented the seller, a fund managed by a subsidiary of Management company Ares. Stephanie Lawrence, Paul Bennett and Hally Osdick represented Granite.
“First Avenue Plaza offers an inviting, high-quality work environment within walking distance of upscale restaurants, boutiques and the Cherry Creek Mall. He is uniquely positioned to help companies attract top talent to grow their business,” said Stephanie Lawrence, Senior Managing Director, Granite Properties. “This acquisition provides Granite with a unique opportunity to enter a very attractive and resilient sub-market with strong office demand and tight supply. We consider this to be a very important addition to our Denver portfolio,” she added.
First Avenue Plaza offers ample indoor and outdoor space for customers to work, meet and socialize. In addition to newly updated hallways and shared restrooms, the property has an outdoor plaza connecting the two buildings, offering a variety of seating options and a fireplace. The building also features a new Guest Amenity Center containing a conference room, additional collaboration areas and coffee service. Additional amenities include a workout room, showers and lockers, and bike storage.
Additionally, the project offers a parking ratio of 2.9/1,000, which is one of the highest available in the Cherry Creek submarket, where parking is limited. Granite also plans to introduce on-demand dining options including takeout, FOODA and food trucks to further enhance the customer experience on 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 counsel for the acquisition and the debt financing. The project is praised 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 includes Plaza Tower One, Regency Plaza, Prentice Plaza, High Pointe Tower and 143 Union.