An office tower at 475 17th St. in Denver is headed to an online auction, marking another downtown-adjacent property in the city moving to the auction block this year. The 16-story building was acquired by the current ownership group in 2015 for $26 million, with an initial strategy to convert the office space to apartments. That residential conversion plan did not advance, and the owners are now opting to sell the property through a competitive bidding process.
The ownership group is composed of Civicap Partners and Revesco Properties. Civicap is noted for investing in what it describes as attainable housing projects, highlighting the firm’s broader focus on housing even as this particular office-to-apartment concept was ultimately not carried out at 475 17th St. The partners are now seeking a buyer willing to acquire the building via auction rather than through a traditional negotiated sale.
The building was originally constructed in 1975 and totals 151,425 square feet, according to information provided on the auction website. Of that total, 93,837 square feet are currently listed as available for lease, indicating a meaningful amount of vacancy or rollover space within the property. The remaining space is presumed to be occupied or otherwise spoken for, though specific tenant details are not provided in the available information.
CBRE has been engaged to manage the sales process and is handling the offering through the TenX auction platform. The use of an auction mechanism aligns this asset with a small but notable set of Denver office properties that have turned to online bidding formats in the current cycle.
According to reporting cited from the Denver Business Journal, two other downtown-adjacent office properties in the city have moved to auction this year. The 10-story building at 1630 Welton St. is scheduled to be auctioned beginning October 19. Separately, a 149,222-square-foot tower at 216 16th St. sold for $3.6 million in August following an auction process. Together, these transactions underscore a pattern of office assets in and near downtown Denver being brought to market via auction platforms rather than solely through conventional listing channels.
