Republic Plaza, with 56 stories, is the tallest building in the state. It has about 1.2 million sf, representing about half of Brookfield's Downtown holdings. The building is considered to by many to be the top Downtown building and could fetch more than $300 per sf, or at least $360 million. That would make it the single most expensive building to ever sell in the city and the most per sf ever paid for a multi-tenant skyscraper.

A spokeswoman for Brookfield Properties declined to comment, saying it is the company's policy not to discuss rumors. However, at least a half dozen brokers and developers say the portfolio is on the market and is likely going to be sold by Secured Capital in Los Angeles, with the help of Mike Winn and Tim Richey of the Cushman & Wakefield office in Denver.

Himalaya Jain, an analyst who follows Brookfield for Toronto-based Scotia Capital Markets, says it should surprise no one the company is looking to get out of the city. He says it has indicated it wants to exit its secondary markets, and the only two it has are Denver and Minneapolis.

Jain tells GlobeSt.com that if Brookfield doesn't sell its Denver holdings outright, it might consider a joint venture with someone else in a move to monetize its holdings in the Mile High City. Another analyst in Toronto, however, says he is sure if Brookfield "receives the right offer," it would welcome an outright sale. Jain notes Republic Plaza is 82.3% occupied, which while on par with other Denver buildings, isn't as good as its New York City holdings, with an overall average occupancy rate of 94%.

Brokers and others say that Chicago-based Equity Office Properties could be a likely buyer for Brookfield's holdings, adding to its already large portfolio in Denver. In 1999, Equity Properties, in two transactions, paid $379 million for a portfolio of mostly Downtown office buildings that include the Tabor Center and the Denver Post building. That still stands as the most paid for a Denver office portfolio, although the Brookfield sale should easily top it.

Real estate experts say other interested buyers likely would include Beacon Properties, JP Morgan and TIAA-CREF. TIAA-CREF is a large tenant in Republic and for years held its mortgage.