The two tallest buildings in downtown Colorado Springs — the 15-story Wells Fargo Tower and the 14-story FirstBank Building — are scheduled for a foreclosure auction on October 21, 2026, according to El Paso County records. The sale also covers a retail center, a third office building, and a parking garage, all part of the same downtown complex.
Per county records cited by The Colorado Sun, the complex’s owners — four Delaware-based limited liability corporations — owe nearly $60 million on a $74 million loan from Wilmington Trust. The foreclosure records did not say when the owners first defaulted on payments. The downtown complex overall is valued at $70 million, with the Wells Fargo Tower itself worth $23 million and the parking garage, the complex’s second-most valuable structure, estimated at $22.5 million.
El Paso County Public Trustee filings identify the defaulting entity group as RPalmer LLC, Overland Palmer LLC, and Palmer Center Owner LLC, which are controlled by California- and Canada-based management companies including Unilev Capital, according to The Gazette. The complex was acquired in 2015 under a $74 million commercial mortgage-backed security loan, and special servicers took over debt management after default negotiations stalled, according to Fitch Ratings. That timeline suggests the debt troubles behind next month’s auction have been building for years.
Two Landmarks With Very Different Histories
Built in 1990 at 90 S. Cascade Ave., the Wells Fargo Tower comprises 220,830 rentable square feet of Class A office space, with major tenants including defense contractor Bluestaq LLC and DaVita Medical Group, per Fitch Ratings. Standing 247 feet tall, it holds the title of tallest building in Colorado Springs and the tallest structure in Colorado outside the Denver metro area, according to Wikipedia…