The University of Colorado Board of Regents has authorized $29.75 million for the acquisition of Independence Place, a 25-story office tower in downtown Denver. The approved purchase price covers the 55-year-old high-rise, two annex structures and three levels of underground parking.
Independence Place is currently 79% vacant, according to information presented with the approval. The property has been held by an Alaskan public pension fund, which acquired the tower in 2007 for $144 million.
Following the regents’ meeting, the university indicated that extending its physical presence further into downtown is intended to support its broader mission. CU Denver described the move as a way to enhance the student experience and to reinforce the university’s position as a workforce, economic and business development engine in the heart of the Central Business District.
CU Denver already operates across several buildings in downtown Denver, with a significant concentration of facilities at the 150-acre Auraria Campus adjacent to the city center. That campus currently anchors much of the university’s academic and administrative footprint near downtown.
Funding for the Independence Place purchase will be drawn from CU Denver campus reserves, rather than from external financing sources. The university has indicated that it expects to generate income from the property through external leases to third-party users, event activity within the building and revenues tied to the underground parking component.
The transaction, once completed, will add another downtown asset to CU Denver’s real estate portfolio and expand its presence in the Central Business District alongside its existing Auraria Campus holdings.
