**Brookfield Takes Major Loss on Two Downtown Denver Office Towers**
Brookfield Properties has sold the office portion of the 707 17th St. tower in downtown Denver for $28.7 million—a steep drop from the $195 million it paid for the asset in 2020. The office space occupies the upper 22 floors of the high-rise, located above the Hilton City Center hotel. The hotel, which occupies the bottom 20 floors of the tower, is owned separately and was not included in the transaction.
In a parallel move, Brookfield also sold the neighboring 717 17th St. building, known as Johns Manville Plaza, for the same price: $28.7 million. Brookfield had purchased that 29-story office tower for $205 million in 2020. Combined, the two office properties sold for $57.4 million, a dramatic drop from the $395 million Brookfield originally paid.
Both towers were acquired by an LLC tied to Patrick Halloran, a Minnesota-based investor formerly affiliated with Wayzata Investment Partners.
These sales underscore the shifting dynamics and ongoing challenges in the downtown Denver office market, reflecting broader trends in commercial real estate valuation post-pandemic.
