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<\/p>\nThe pandemic brought major changes to how companies use office space — and that has put many landlords in a difficult position.<\/p>\n
Interest rates have made refinancing loans difficult. Downsizing and sublease trends have impacted building valuations. All the while, if they haven\u2019t matured already, loans secured by office towers are still inching closer to that date.<\/p>\n
BusinessDen scoured county foreclosure records, third-party reports and court filings to determine the downtown and suburban buildings that have exhibited signs of distress — which can take a number of different forms \u2014 since the pandemic began.<\/p>\n
The below list is not necessarily comprehensive, but will be updated when we have more information, or when a particular property\u2019s situation changes.<\/p>\n
Address:\u00a01625 and 1675 Broadway, Denver<\/p>\n
Year Built:\u00a01979<\/p>\n
Square Footage:\u00a0785,000<\/p>\n
Owner:\u00a0JPMorgan Chase<\/p>\n
Situation:\u00a0Foreclosed, reverted to lender<\/p>\n
JPMorgan Chase had loaned $114 million to allow the building\u2019s previous owner, Los Angeles-based Gemini Rosemont, to buy it for $176 million in 2013. Gemini missed months of payments, leading Chase to initiate the foreclosure process in late 2021.<\/p>\n
A foreclosure auction was ultimately\u00a0held in June 2022. Chase won because it was the only bidder, offering a credit bid of $88.2 million. It still owns the building a year later.<\/p>\n
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Address:\u00a0410 17th St.<\/p>\n
Year Built:\u00a01977<\/p>\n
Square Footage:\u00a0435,000<\/p>\n
Owner:\u00a0RREF III-P 410 17th St LLC, a joint venture between Rialto Capital Management and Steelwave<\/p>\n
Lender:\u00a0Affiliate of Ares Commercial Real Estate<\/p>\n
Situation:\u00a0In foreclosure<\/p>\n
The owner paid $127.25 million for the 24-story tower in June 2019 and took out a $113.05 million loan at the same time, records show. The maturity date on the loan was Jan. 5, 2023, with a possible extension to 2025.<\/p>\n
The building\u2019s lender\u00a0initiated foreclosure proceedings in July\u00a02023, saying the owner had defaulted on the loan due to \u201cthe failure to make timely payments of principal and interest when due.\u201d The lender said it\u2019s still owed $96.18 million on the original loan.<\/p>\n
As of August, the building was 37 percent leased, according to CoStar, with 12 percent of that described as \u201cavailable,\u201d meaning the current tenant is expected to move out. The building lost a major tenant earlier this year when the law firm Brownstein Hyatt Farber Schreck, which leased 130,000 square feet, moved to 675 15th St.<\/p>\n
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Address:\u00a01801 Broadway, Denver<\/p>\n
Year Built:\u00a01981<\/p>\n
Square Footage:\u00a0198,000<\/p>\n
Owner:\u00a0Expansive, a Chicago-based coworking firm<\/p>\n
Lender:\u00a0Loancore Capital<\/p>\n
Situation:\u00a0In receivership<\/p>\n
The owner, at the time known as Novel Coworking, paid $40.2 million for the 17-story office building in April 2019, financing the deal with a $35.4 million loan.<\/p>\n
In\u00a0an August 2023 lawsuit, the lender said the loan matured in April 2023 and had not been paid off. It said Expansive owed $34.6 million and that it intended to foreclose. A receiver was appointed.<\/p>\n
![](\"https:\/\/i0.wp.com\/www.denverpost.com\/wp-content\/uploads\/2023\/09\/openTable-wellsFargo.jpeg\")
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Address:\u00a01700 Lincoln St., Denver<\/p>\n
Year Built:\u00a01983<\/p>\n
Square Footage:\u00a01.2 million square feet<\/p>\n
Owner:\u00a0New York-based Brookfield Properties<\/p>\n
Lender:\u00a0Affiliate of Morgan Stanley<\/p>\n
Situation:\u00a0In receivership<\/p>\n
The owner defaulted on the building\u2019s loan when they failed to pay it off upon maturity in December 2022. The loan was then sent to special servicing.<\/p>\n
In August 2023, a receiver\u00a0was appointed\u00a0to oversee the property at the lender\u2019s request. The move followed a string of negative leasing news for the building; Wells Fargo and WeWork each said they are or intend to drop three of their floors.<\/p>\n
Address:\u00a01512 Larimer St., Denver<\/p>\n
Year Built:\u00a01980<\/p>\n
Square Footage:\u00a0186,000<\/p>\n
Owner:\u00a0Kroenke Sports & Entertainment<\/p>\n
Lender:\u00a0Goldman Sachs<\/p>\n
Situation:\u00a0In special servicing<\/p>\n
The owner paid $96 million for the property\u00a0in late 2016.<\/p>\n
Trepp, a firm that tracks commercial real estate loans, said in August 2023 comments that the property\u2019s $59 million loan \u201ctransferred due to non-compliance with cash management. A PNL was executed in October 2022 and discussions with Borrower are ongoing on a resolution. Special Servicer is currently assessing its next steps and monitoring property performance.\u201d<\/p>\n
Address:\u00a0216 16th St., Denver<\/p>\n
Year Built:\u00a01981<\/p>\n
Square Footage:\u00a0150,000<\/p>\n
Owner:\u00a0Columbine West LLC<\/p>\n
Lender:\u00a0SG Americas Securities<\/p>\n
Situation:\u00a0In special servicing<\/p>\n
According to Trepp, the building\u2019s $15.5 million loan will mature in October 2025. The loan transferred to special servicing in October 2022, according to Trepp, which said in a note in August 2023 that the owner and lender are \u201cfinalizing terms for a friendly foreclosure\u201d or deed in lieu of foreclosure. The building\u2019s occupancy has fallen from 96 percent in 2015 to 47 percent in July 2022.<\/p>\n