CP Group, a Boca Raton-based office owner, is closing in on a deal for Denver Place, the two-tower complex that takes up an entire downtown block at 999 18th Street. The move would tighten the firm's grip along the 18th Street corridor and lands amid a wave of distressed and lender-driven sales downtown. Recent state filings and broker chatter suggest newly formed CP Group entities are tied to the property and that the deal may be approaching the finish line.
Deal details and filings
Florida-based CP Group is lined up to buy the roughly 930,000-square-foot Denver Place complex at 999 18th St., as reported by BusinessDen. According to the outlet, state records show two fresh entities, CPG AM Denver Place and CPG PM Denver Place, each listing an office address that matches CP Group's Boca Raton headquarters. One source has described the pending sale as lender-driven, in keeping with a broader pattern downtown as owners and lenders shuffle positions and work through troubled assets.
Buyer already owns the neighboring tower
CP Group already has a major foothold on 18th Street. The firm bought nearby Granite Tower at 1099 18th St. in 2021, marking its Denver debut with a trophy property acquisition, according to Commercial Property Executive. That deal, detailed in SEC filings at the time, valued Granite Tower at about $203.5 million and immediately handed CP Group a local platform for leasing and management.
Property history and occupancy
Denver Place last changed hands in 2007, when LBA Realty paid about $200 million for the complex, according to records cited by the Denver Business Journal. Current commercial listings peg the property's rentable area at roughly 909,685 square feet and show it as about 83% leased, per the listing from Capital Realty Group. Public building profiles note that Denver Place consists of a 34-story south tower and a 23-story north tower that together form a block-long presence on 18th Street, according to public records and building data.
Why this matters for downtown
Downtown Denver is wrestling with one of the softer office markets in the country, with vacancy and sublease space remaining stubbornly high and putting downward pressure on pricing. Market summaries compiled by TenantBase show that both direct vacancy and available sublease space downtown are elevated, a backdrop that helps explain why lenders are nudging some sales and why buyers with a local operating strategy are stepping in.
Legal tangle tied to nearby deals
CP Group is already enmeshed in one downtown drama. The company sued Lone Star Funds last year, claiming it was cut out of a deal to buy 17th Street Plaza, while Lone Star fired back with its own lawsuit accusing CP Group of trying to extract a payoff, according to reporting by BusinessDen. The dueling lawsuits highlight how deal talk and joint-venture negotiations can spill into court and complicate investment plays around nearby towers.
If this sale closes, CP Group would control the entire block and gain the leverage to re-tenant or overhaul lobbies, retail, and amenity areas in an effort to attract higher-quality tenants. Any big visual or leasing shifts at Denver Place are likely to roll out gradually and will hinge on lender sign-off, leasing traction, and the pace of downtown Denver's broader recovery.
