An ownership group led by Civicap Partners and Revesco Properties is taking a 16-story office tower at 475 17th St. in Denver to auction, marking another downtown-area office asset moving through a competitive bidding process. The group acquired the property in 2015 for $26 million with the intention of converting the office floors to apartments. That conversion concept did not advance, and the owners are now pursuing a sale to the highest bidder via an auction format.
Civicap Partners, which focuses on investments in what it describes as attainable housing projects, and Revesco Properties are identified as the current owners of the 475 17th St. tower. While the earlier plan to repurpose the property for residential use has been shelved, the building remains an office asset being actively marketed to investors willing to participate in an online auction. Specific pricing guidance for the upcoming auction has not been disclosed.
The tower was completed in 1975 and totals 151,425 square feet, according to information cited from the auction listing. The same listing notes that 93,837 square feet in the building is currently available for lease, signaling a meaningful amount of vacancy for prospective buyers to underwrite. No details were provided on existing tenant rosters, lease terms, or in-place rental rates, and no financing structure or capital-improvement plans were outlined in the available information.
The marketing and auction process for 475 17th St. is being handled by CBRE through the TenX online auction platform. This structure aligns the sale with a growing number of office properties that are being traded through digital auction marketplaces, particularly for assets where owners are seeking price discovery in a shifting office demand environment. Neither a firm auction date nor a reserve price was reported in the available materials.
The Denver Business Journal, as referenced in the original report, notes that 475 17th St. is not the only downtown-adjacent office asset in Denver to head to auction this year. The 10-story office property at 1630 Welton St. is scheduled for an auction beginning October 19, adding another mid-rise building to the auction pipeline. Earlier in August, an office tower at 216 16th St., totaling 149,222 square feet, sold for $3.6 million after going through an auction process.
Taken together, these transactions highlight a cluster of Denver office assets near the downtown core that are either scheduled for or have recently completed auction sales. While the individual business plans and capital structures behind each property are not detailed, the repeated use of auctions suggests owners and investors are relying on competitive bidding to establish clearing prices in the current market for older office product.
