Someone new is manning the Cash Register Building.
A court-appointed caretaker was named Wednesday to oversee the Wells Fargo Center, the most well-known office tower in downtown Denver, which defaulted on its loan last December.
Sixteen hours later, shortly after 8 a.m. Wednesday, Denver District Court Judge Andrew Luxen agreed to do so, naming Judy Duran of CBRE to the role.The appointment escalates the distressed nature of the 52-story tower at 1700 Lincoln St.. which is the city’s third-tallest building. After Brookfield defaulted on the loan, it landed in special servicing, which one analyst described to BusinessDen in January as “a sort of “purgatory.
In total, 523,000 square feet — or 43 percent — of the building is listed as “available” on CoStar, meaning the space is vacant or the current tenant is not expected to renew. Some current tenants are offering to sublet their space for $17 a square foot annually full-service. At the time, the tower was owned by Boston-based Beacon Capital Partners, which paid $387.5 million for the property in 2012. In October 2020, Brookfield took an undisclosed stake in the tower through an arrangement that didn’t make the price public.
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