CP Group and Time Equities Acquire Denver Place in Downtown Denver
CP Group, alongside partner Time Equities, Inc., has acquired Denver Place, a 930,020-square-foot mixed-use office complex in Denver’s Central Business District.
The off-market purchase closed February 2 at $47.5 million, equating to roughly $51 per square foot.
Located at 999 18th Street, Denver Place sits adjacent to Granite Tower, which CP Group purchased in 2021 as its first investment in the Denver market. The property comprises two interconnected office towers, the 34-story South Tower and the 23-story North Tower linked by a six-level podium structure. The asset includes 968 parking spaces and is approximately 50 percent leased to 55 tenants representing legal, financial, and professional services firms.
The transaction reflects a substantial repositioning in value compared to Denver Place’s 2007 sale, when it traded for $200 million. Prior to this latest acquisition, the seller completed approximately $20 million in capital upgrades, modernizing key building systems and amenities.
Tim Richey of Newmark, along with Jenny Knowlton and Charley Will of CBRE, represented the seller. CP Group and Time Equities handled the acquisition directly. Leasing efforts will continue under the direction of Chris Phenicie and Allison Berry of CBRE.
Repositioning Strategy and Activation Plans
CP Group plans to reintroduce Denver Place as a highly activated, community-oriented destination within the CBD.
“Our vision for Denver Place centers on placemaking,” said Angelo Bianco, Founding and Managing Partner of CP Group. “Few properties in Denver offer this level of scale and architectural presence. We intend to introduce retail offerings that serve the downtown workforce while activating shared spaces through hospitality-driven programming, tenant engagement initiatives, and curated visual arts experiences.”
The firm will refresh lobby spaces, enhance common areas, and implement its portfolio-wide Tenant Experience program, which includes concierge-level service, rotating local art installations, and pop-up events designed to increase tenant interaction and vibrancy within the building.
Amenity Profile and Recent Capital Improvements
The prior ownership’s $20 million renovation program leaves the asset well-positioned for its next chapter. Upgrades include fully modernized elevators and the addition of a tenant clubhouse featuring a pickleball court, golf simulator, climbing wall, lounge, and bar. The building also offers a fitness center, conference facilities, and a landscaped third-floor rooftop environment known as “The Park,” accessible to all tenants.
Interior features reflect high-end design elements such as a dramatic staircase with theater-style seating, a living moss-and-fern wall, expansive atrium skylights, a 22-foot media wall, and a library-style gathering space.
Strategic Investment in Denver
“We’re pleased to collaborate with CP Group on this acquisition,” said Jonathan Dulberg of Time Equities. “Their experience executing value-add strategies in major markets positions Denver Place for meaningful long-term growth.”
Christopher Cauthen, Senior Vice President at CP Group overseeing Texas, Colorado, and Arizona, added, “Acquiring Denver Place reinforces our long-term confidence in Denver and strengthens our footprint in this market.”
