KBS REIT II Sells Denver Office Tower for $203.5 Million
KBS Real Estate Investment Trust II, a publicly registered non-traded REIT, has sold Granite Tower in Denver for $203.5 million.
KBS Real Estate Investment Trust II, a publicly registered non-traded REIT, has sold Granite Tower, a 31-story, 561,700-square-foot office building located in Denver Colorado, to an affiliate of CP Group for $203.5 million.
KBS REIT II purchased the Class A property in December 2010 for $149 million, which was reportedly metro Denver’s largest commercial real estate sale of the year.
In connection with the sale, the REIT said that it repaid the entire $95.4 million principal balance and all other sums due under a mortgage loan secured by the property.
Granite Tower is a LEED Gold-certified office tower that occupies an entire block in the Denver central business district. According to the company’s website, the property sits at the gateway to Denver’s Lower Downtown Historic District (LoDo) and is within close proximity to Coors Field and Union Station.
The property was sold as part of KBS REIT II’s liquidation plan, which was approved by shareholders in March 2020.
KBS REIT II closed its primary offering in December 2010 after raising approximately $1.8 billion in investor equity. As of June 30, 2021, the company owned four office properties and an office building that is part of an office campus.
