Trinity Place, a mostly vacant 17-story Denver office tower, has been acquired for $6 million. The recent sale is one of many distressed property sales in Denver that have occurred recently. The Denver Business Journal reports that last year, Brookfield sold two office towers for $28.7 million each after buying them for $195 million and $205 million in 2020. The Luzzatto Company bought office towers for $5.25 million and $3.2 million that had previously been priced at nearly $100 million collectively.
A co-working company, Expansive, paid $40.2 million for Trinity Place in 2019. Four years later, a $35 million loan on the property was underwater, and the building was taken over by its lender, LoanCore Capital. Denver businessman Craig Clark ultimately paid just $6 million for the building.
Trinity Place is largely unoccupied. 118,125 square feet of the 195,753-square-foot building are currently available, amounting to a 60% vacancy rate…