A modern Denver office complex, distinguished by its two glass towers, has been sold with a bid of $88.2 million in a foreclosure auction.
Located at 1625 and 1675 Broadway, the Denver Energy Center was seen as the symbol the city’s late 1970s high-rise building boom, with the first tower, at 28 floors, inaugurated in 1979.
The second 29-floor tower was completed the following year.
Once known as the Denver World Trade Center, the complex, with around 785,500 square feet of office space, became the Denver Energy Center after the WTC moved to another downtown location.
While the structure has always been a popular location for any number of businesses, in recent years it has seen a significant loss of tenants, especially since the Covid 19 outbreak.
Los Angeles-based Gemini Rosemont Realty, a commercial real estate investment company which purchased the complex in 2013 for $176 million, allowed it to go into foreclosure this spring after failing to find a buyer to pay a portion of the existing mortgage.
The JPMorgan Chase Commercial Mortgage Securities Trust was the sole bidder on the property. Plans for the complex, which in 2013 was 91% leased, only to see that figure drop to 59% last fall, have not been announced.
By Garry Boulard
