The class A building that opened in 1983 includes a three-level underground parking garage with 836 parking spaces. Granite bought a full city block that in addition to the Plaza Tower that includes the Embassy Suites Hotel, the Apartments at Denver Place and the Athletic Club at Denver Place.

Simultaneous with the purchase, the company spun off the hotel, luxury apartments and the athletic club to locally based BWAB Real Estate Ventures. Records indicate Granite paid $88.5 million for the office tower, which equates to about $161 per sf. Real estate experts tell GlobeSt.com that the replacement cost of the building is at least $200 per sf, and probably far more.

Michael Dardick, president of Granite Properties, says his privately held company showed "serious" interest in the Denver market in 2004, when he began investigating the market. The company opened the Denver office because "we found the right person, Stephanie Lawrence, to serve as managing director," Dardick says. "She reflects Granite's long-term commitment to the Denver real estate community and desire to be an actively involved in the market."

Several top brokers in the city tell GlobeSt.com that Lawrence is well respected in the community and was an excellent choice for the position. "Proof of that is that they were able to pull off this fantastic deal only four or five months after they hired her," Mary Sullivan, a top investment broker at CB Richard Ellis, tells GlobeSt.com.

"The Denver Place deal was a perfect fit for Granite's model," Dardick says. "Given its complexity and quick timing, the transaction required a high level of creativity and persistence to get it completed. Stephanie and her relationship with BWAB were instrumental in the successful completion of the sale."

Lawrence, for her part, says she is "delighted" to have made its first purchase in Denver. She says she hopes that "this is only the beginning of a significant Granite presence in Denver." She also says she is excited to be associated with BWAB "who brings significant expertise to the hotel, apartments and club components of the property."