The City of Denver has announced plans to acquire the former Denver Post building for a price tag of $88.5 million. Currently, the city leases a significant amount of space in this downtown property and has been doing so since 2016. This lease covers five floors, totaling approximately 145,000 square feet and costs $5 million per year. The building is currently home to around 600 city employees.
The purchase agreement for the property at 101 W. Colfax Ave is with New York-based American Properties and will be financed through a certificate of participation (COP). According to documents presented to the City Council Committee, revenue from the existing master lease will cover all payments.
Built in 2006 and last sold that same year for $93.42 million, this eleven-story building boasts an impressive size at over 340,000 square feet with rentable space measuring up to just over 303,700 square feet along with its own parking garage offering up to an additional total capacity of about six hundred thirty-five vehicles.
