Denver office complex trades to Granite Properties
JLL Capital Markets led the sales and financing efforts for First Avenue Plaza, which consists of two multi-tenant office towers in the burgeoning Cherry Creek District
DENVER, Feb. 16, 2022 – JLL Capital Markets announced today that it has closed the sale and arranged financing for First Avenue Plaza, a two-building office complex totaling 264,000 square feet in Denver, Colorado.
JLL represented the seller, a fund managed by a subsidiary of Ares Management Corporation and procured the buyer, Granite Properties. In addition, JLL secured the five-year, floating-rate acquisition loan for Granite Properties through a national bank.
First Avenue Plaza is located at 44 Cook and 55 Madison in the heart of Denver’s Cherry Creek luxury lifestyle district. The submarket has seen a surge of new office developments in the last five years and continues to attract new companies that are drawn to the immediate proximity to executive housing and the numerous retail, restaurant, hospitality and entertainment amenities that make this district a true live-work-play community. First Avenue Plaza also offers tremendous vehicular accessibility being adjacent to 1st Ave. and close to I-25, which connects to Downtown Denver and Denver International Airport.
44 Cook contains 127,228 square feet of space that is 88% leased while 55 Madison offers 137,046 square feet of space that is 94% leased. The two buildings share a 752-space parking garage and offer additional tenant amenities, including an outdoor plaza with fireplace and seating groups connecting the two buildings, a tenant amenity lounge, training room, shower and lockers as well as bike storage.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz, Managing Director Peter Merrion and Senior Director Hilary Barnett.
JLL’s Debt Advisory team representing the borrower included Senior Managing Directors Eric Tupler and Leon McBroom.
“Cherry Creek continues to be one of Denver’s most active markets,” Merrion said. “As a result, First Avenue Plaza saw tremendous demand from tenants and investors during the sales marketing process.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Granite Properties
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991. Granite owns more than 10 million square feet of high-quality office space in Dallas, Houston, Atlanta, Denver, Southern California, and Nashville. Granite is an established investor, developer, and manager with a focus on sustainable, high-quality projects. More than $7 billion in real estate transactions and more than 28 million square feet of real estate development and acquisitions have been completed by Granite. Current active and planned development projects in Atlanta, Boston, and Dallas total over 2 million square feet and are valued at over $1.7 billion. Granite focuses on creating extraordinary customer experiences through mixed-use environments, rich in amenities, customer-centric service, and innovative wellness features. The firm has been named one of Fortune Magazine and Great Place to Work Best Workplaces nine consecutive years. For more information, visit: graniteprop.com.