JLL Capital Markets leads sales and financing efforts for First Avenue Plaza's two multi-tenant office towers in Denver's affluent Cherry Creek District

  

 First Avenue Plaza, a two-building
office complex totaling 264,000
 square feet in Denver, CO

DENVER, CO, Feb. 16, 2022 – JLL Capital Markets has closed the sale and arranged financing for First Avenue Plaza, a two-building office complex totaling 264,000 square feet in Denver, Colorado.

Hilary Barnett

JLL represented the seller, a fund managed by a subsidiary of Ares Management Corporation and procured the buyer, Granite Properties.

Mark Katz

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.

Peter Merrion 

First Avenue Plaza also offers tremendous vehicular accessibility being adjacent to 1^st 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.

Eric Tupler

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.

Leon McBroom

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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Contact:

 

 Kristen Murphy

Senior Manager

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 Investor Services

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 

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