One of Denver’s most iconic buildings may be at risk of foreclosure.
Completed in 1983, the Wells Fargo Center at 1700 Lincoln Street has long stood out on the city’s skyline owing to the upper portion of the building having the appearance of an old-fashioned cash register.
The 52-floor structure, which in fact is popularly known as the Cash Register Building, was designed by renowned architect Philip Johnson, and has been the home to any number of law, real estate, and government offices through the years.
Designated as a Class A office tower, the Wells Fargo Center has previously attracted tenants due to its central downtown location, as well as offering such amenities as a 7,900-square-foot fitness center, along with a conference center and lounge.
Despite those features, the building’s financial picture in recent weeks has been uncertain with reports indicating that Brookfield Properties, which purchased the building in late 2020, has defaulted on a loan that matured late last year. That default may now see the building heading for foreclosure.
Losing a number of tenants since the Covid year of 2020, the structure has seen its value drop by 35%, with the worth of the building declining from $475 million four years ago to $287 million today.
While the fate of the Wells Fargo Center remains unknown, Brookfield last week reached a loan-modification agreement for another Denver building it owns: the 56-story Republic Plaza. That building, located at 370 17th Street, is the tallest building in the Mile High City.
By Garry Boulard
