A two-tower office complex in downtown Denver that saw occupancy dwindle prior to the pandemic is going through the foreclosure process after its owner tried and failed to find a buyer willing to p…
While the pandemic has posed significant challenges for the office sector, the Denver Energy Center’s lackluster occupancy predates the rise of the coronavirus. Multiple tenants totaling about 46,500 square feet vacated the building in the first half of 2019, the largest of them being Noble Energy, according to the Trepp report. Toward the end of that year, months before companies shifted to work-from-home mode, occupancy was 61 percent.
As of the end of 2021, overall office vacancy in the metro Denver area was 19.1 percent, according to a report from CBRE. The vacancy rate specifically for downtown buildings considered “Class A,” like the Denver Energy Center, was 18.1 percent. “Borrower is currently marketing the property and has so far been unable to procure an offer sufficient enough to retire the entire debt stack,” monthly updates included in the Trepp report state.
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