24-story downtown Denver office building, largely vacant, hitting auction block


A 24-story office building in downtown Denver, currently two-thirds vacant, is set to be auctioned off next month.

The auction for the DC Building at 518 17th St., currently owned by Goldman Sachs and Seattle-based Unico Properties, is scheduled to begin online Aug. 22 and end two days later, according to auction website Ten-X.

The minimum bid is $9 million. Newmark is showing the property ahead of the auction.

The auction site says the building, which dates to 1954, has 274,598 rentable square feet, of which just 30.6 percent is currently occupied. That translates to about 190,000 square feet of available space.

Unico purchased the building for $30 million in 2015. A company executive told BusinessDen at the time that the building was about 80 percent leased.

Unico proceeded to spend about $10 million on improvements to the building, including installing a gym and a two-lane bowling alley, according to marketing materials.

In 2019, Unico announced that it had sold the DC building, along with 26 other structures in Denver and Seattle, to an affiliate of Goldman Sachs. Unico maintained an undisclosed stake in the portfolio.


Source link