Denver Place, a two tower office complex occupying an entire city block in downtown Denver, sold for $47.5 million.
The property at 999 18th St. contains roughly 930,000 square feet of office and retail space across two towers connected by a six story podium. The ground level includes retail space and a public courtyard. The complex was built in 1979 and includes a 968 space parking garage.
The sale represents a dramatic decline from Denver Place’s previous valuation of about $200 million, when the property last traded in 2007. The pricing reset reflects sustained weakness in downtown Denver’s office market, where vacancy and sublease space remain elevated and large office assets continue to face valuation pressure.
The property is partially leased and home to a mix of office and retail tenants. Ground floor tenants include Syrup, Zocalito Latin Bistro and Cafe 21 Express. Some office tenants include Accenture, Parsons Corp., Sage Butte Energy and Walter P Moore.
The buyer is CP Group, a Boca Raton based office owner and operator with a national portfolio focused on major U.S. markets. CP Group previously acquired Granite Tower across the street in 2021.
Time Equities, a New York City based real estate investment and development firm, partnered on the acquisition. The firm owns and operates office, residential, retail and mixed use properties globally.
