In June, one of Denver’s most iconic towers was in danger of being foreclosed on. But at the last minute, Brookfield Properties stepped up with the money to keep Republic Plaza current on its loan payments. Unfortunately, two other Denver office building owners were not so fortunate. Both buildings had been purchased just prior to the onset of Covid-19 pandemic and have since failed to meet their respective loan terms according to public documents.
The 410 at 410 17th St., owned by an affiliate of Rialto Capital Management who bought it for $127 million in 2019 is one such example while a neighboring office building located at 1801 Broadway has also been affected; Chicago-based Novel Coworking paid $40.1 million for it in 2019 but now faces foreclosure proceedings with a property receiver having taken possession and overseeing operations and management thereof as well as any related decisions made going forward .
Last year saw another highrise join this unfortunate list when The Denver Energy Center located between 1675 & 1625 Broadway sold off during a foreclosure auction following an alarming 45% decrease in value from what was originally paid for it .
