A historic downtown Denver office property long known as The George has returned to the market following a foreclosure process. Now operating under the name The Symes Buildings, the nearly 100,000-square-foot asset at 820 16th St. is being marketed as a bank-owned foreclosure and redevelopment opportunity. The property is currently completely vacant, positioning it as a potential blank slate for investors evaluating repositioning strategies in Denver’s urban core.
According to reporting from the Denver Business Journal, the Symes Buildings are being offered through a traditional investment sale process rather than an auction format. While the asset is bank-owned, the current listing is structured as a conventional sale, suggesting the lender is seeking to reach buyers through the typical investment-sales channels instead of a distressed auction-only approach. No asking price has been disclosed publicly at this stage.
The building carries more than a century of local history. It was commonly known as The George for over 100 years before being rebranded as The Symes Buildings. Harbor Associates acquired the property in 2022 for $17,200,000, but subsequently defaulted on an $18,660,000 loan provided by Thorofare Capital. Following the default, Thorofare Capital ultimately took control of the asset, acquiring it at a foreclosure auction in February for $6,000,000.
With the building now fully vacant and in lender ownership, the marketing narrative is centered on repositioning potential. The listing materials highlight that the property includes an approved site plan that remains valid through 2030. This existing entitlement framework may provide near- to medium-term clarity for investors who wish to advance a redevelopment program without restarting the planning process from the ground up.
The Symes Buildings are currently zoned to permit conversion to residential use, giving future developers the option to transform the asset from office to housing. The approved site plan and zoning rights open the door to potential multifamily or other residential formats, subject to implementation by a new owner. At the same time, the materials indicate that a buyer is not limited to residential and could instead pursue another concept that reactivates the building with a different commercial or mixed-use approach.
As a result, the offering combines several elements: a historic downtown Denver structure, a completely vacant building in lender hands after a foreclosure, and a site with existing approvals and zoning flexibility for residential conversion. Investors evaluating the opportunity will likely weigh the cost and timing of a full repositioning against the discount implied by the property’s history of distress and the most recent foreclosure auction price, even as the current asking price remains undisclosed.
