CP Group Picks Up Denver Place for Nearly $48 Million

CP Group is reinforcing its commitment to downtown Denver.

The Florida-based national office property operator, along with Time Equities, closed an off-market purchase of the two-tower Denver Place development at 999 18th Street, the Denver Business Journal reported. CP Group and New York-based investment and development firm Time Equities paid $47.5 million for Denver Place, which takes up a whole city block.

CP Group is well-acquainted with this block of 18th Street in downtown Denver. The firm bought the 31-story Granite Tower across the street from Denver Place in 2021 for $204 million, according to the Business Journal.

Denver Place spans 930,000 square feet across the 34-story South Tower and 23-story North Tower connected by a six-story podium. CP Group picked up the property at a significant discount from its previous sale price, as LBA Properties last acquired it from Amerimar Enterprises for $200 million in 2007.

Denver Place is currently about 50 percent leased with 55 tenants, Angelo Bianco, founding and managing partner of CP Group, told the Business Journal. CP is confident that Denver’s high return-to-office rate will be helpful in filling the remaining space.

“Between that and just organic growth in the tech industries and oil and gas and the other things that are strong in Denver, and as collateral industries, I think we’re going to see huge growth in tenant demand over the next few years,” Bianco said.

LBA Properties recently invested $20 million in the property before selling it. The investments included elevator modernization and the addition of a pickleball court, a golf simulator, a climbing wall, a lounge, a bar and an outdoor landscaped patio. In adding the amenities, LBA “made it attractive for the office tenants,” Bianco said.

Looking ahead, CP Group hopes for the podium floors to contain amenities open to the public. It also aims to activate the courtyard and podium so the building is buzzing with workers outside working hours. Local art and pop-up events are part of that plan. CP Group is also reportedly floating converting one of the office towers into residences, though no concrete plans have been confirmed.

— Chris Malone Méndez