 |
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.
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| 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 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.
 |
| 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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JLL, please visit our newsroom.
Contact:
Kristen Murphy
Senior Manager
Public
Relations
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
jll.com
