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COLORADO REAL ESTATE JOURNAL
— December 2-December 15, 2015
Office
by Jill Jamieson-Nichols
Granite Properties secured a
spot on Lakewood’s tight Union
Boulevard corridor with the
$30.87 million acquisition of One
Union Square.
“We’re excited to diversify our
Denver portfolio through the
acquisition of One Union Square,
one of the highest-quality build-
ings on Union Boulevard,” said
Stephanie Lawrence, Granite
Propertiesmanagingdirector. “As
our other Denver holdings are in
the southeast suburban submar-
ket, we’re extremely pleased to
bring Granite’s platform into a
new submarket of Denver.”
One Union Square is a 10-story,
189,390-square-foot Class A office
building located just south of
West Sixth Avenue at 143 Union
Blvd. It was 94 percent occupied
at the time of the sale.
Wells Fargo has a full-service
branch in the building, whose
tenants also include the state of
Colorado, Peak Power Engineer-
ing, FTEN Inc. and others.
Lawrence said Granite Proper-
ties has been eyeing the west sub-
market since it opened its Denver
office 10 years ago and themarket
has only grown stronger during
that time frame.
“It is fairly supply constrained,
and it’s got a good supply of ten-
ants that want to be there,” she
said, noting Union Boulevard is
the key corridor in that submar-
ket and one where many decision
makers who live in the foothills
want to be. With the Denver Fed-
eral Center, St. Anthony Hospital
and light rail, “It’s got good eco-
nomic drivers,” she said, adding
the corridor’s occupancy tends
to hold steady during good times
and bad.
“We think it’s a good play rela-
tive to maintaining occupancy
and good demand,” said Law-
rence.
Broadreach Capital Partners
sold One Union Square. On a
square-footage basis, the price
was $163.
Tim Richey, Mike Winn and
Chad Flynn of CBRE represented
Broadreach in the transaction.
Built in 1981, OneUnion Square
offers 360-degree views and
19,000-sf floor plates, which are
large relative to the submarket.
Walkable amenities include light-
rail, restaurants, retail and fitness
facilities.
Lawrence said the acquisition is
another example of Granite Prop-
erties’ commitment to Denver. It
is the company’s second acquisi-
tion this year, following the pur-
chase of High Pointe Tower in
Greenwood Village in the first
quarter. Granite’s Denver port-
folio consists of four properties
totaling approximately 1 million
sf.
Granite Properties is a private-
ly held commercial real estate
investment and management
company with offices in Denver,
Atlanta, Dallas and Los Ange-
les. It has acquired or developed
more than 24 million sf of com-
mercial real estate totaling $3.7
billion since 1991.
Other News
n
First National Bank of Santa
Fe
will establish its new corporate
headquarters at 1400 16th St. in
Denver.
The company signed a 10-year
lease for 22,198 square feet
of office space in the building,
located at 16th andMarket streets
at the entrance to Lower Down-
town.
First National Bank of Santa Fe
comprises First National Denver,
First National Santa Fe and First
National Rio Grande. The first
bank in the Southwest, its charter
dates to 1870. The bank operates
25 branch locations in Colorado
and NewMexico.
First National Bank of Santa Fe
will occupy 14,338 sf on the first
floor of the building and 7,860
sf on the second floor. The prop-
erty offers building signage and
is close to Denver Union Station.
Dorit Fischer
and
Hayden
Hirschfeld
represented the tenant
in the transaction.
Todd Wheeler
of
Cushman & Wakefield
repre-
sented the landlord.
s
One Union Square is Granite Properties’ first acquisition on the west side of the metro area.
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