CP Group and Time Equities Acquire 930,020-SF Denver Place in Off-Market Office Real Estate Deal

CP Group, in partnership with Time Equities, Inc., announced Feb. 2 the acquisition of Denver Place, a 930,020-square-foot mixed-use office property in Denver's Central Business District. The off-market transaction was completed for $47.5 million, or approximately $51 per square foot.

The property is located at 999 18th Street, adjacent to Granite Tower, which CP Group acquired in 2021 for its entry into the Denver market.

Office Real Estate Acquisition Details

Denver Place consists of two towers—a 34-story South Tower and a 23-story North Tower—connected by a six-story podium. The property includes 968 parking spaces and is currently approximately 50 percent leased to 55 tenants across law, finance, and professional services industries.

The acquisition price represents a significant discount from the property's 2007 sale, when LBA Realty purchased it from Amerimar Enterprises for $200 million. The previous owner recently completed a $20 million capital improvements program before the sale.

Tim Richey of Newmark and Jenny Knowlton and Charley Will of CBRE represented the seller. CP Group and Time Equities represented themselves. Chris Phenicie and Allison Berry of CBRE will continue to oversee leasing for Denver Place.

Real Estate Development and Value-Add Strategy

"Our goal with Denver Place is to focus on placemaking," said Angelo Bianco, Founding and Managing Partner of CP Group. "This is one of the few assets in the city with the scale and architecture to serve as a genuine venue for the public, and we intend to lean into that. By adding retail focused on the needs of the downtown community, and activating the common areas with our signature hospitality, tenant experience, and visual arts programs, we will create a high-energy ecosystem that integrates seamlessly with the Denver community."

CP Group plans to activate the lobby and revitalize existing amenities while implementing its portfolio-wide Tenant Experience program, which delivers elevated concierge service, curated local art collections, and pop-up events to foster engagement and community.

Amenities and Recent Improvements

The previous owner's $20 million capital improvements program provided a turnkey asset with fully modernized elevators, a new tenant clubhouse featuring a pickleball court, golf simulator, climbing wall, lounge, and bar, plus a fitness center and conference center.

The property also includes an outdoor landscaped roof and patio area on the third floor called "The Park," available to all tenants. Building interiors feature high-end finishes including a grand staircase with theater-style seating, a green moss-and-fern wall, three large-scale atrium skylights, a custom 22-foot-high media wall, and a library.

Market Position and Strategic Context

"We are excited to partner with CP Group on the acquisition of Denver Place," said Jonathan Dulberg of Time Equities. "CP Group brings a significant track record in the market and a proven ability to execute value-add strategies. We look forward to working together to enhance the property and create long-term value."

"The acquisition of Denver Place is a significant milestone that solidifies our long-term conviction in the Denver market," said Christopher Cauthen, Senior Vice President for CP Group who oversees the firm's Texas, Colorado, and Arizona territories.