DENVER-Brookfield Properties, in a recent Securities and Exchange Commission document, says it is close to selling its 50% interest in the Colorado State Bank building at 1600 Broadway. Although GlobeSt.com previously reported that Brookfield wants to sell its Denver holdings, the SEC document is the first public confirmation of that strategy by the Toronto-based company, which has large holdings in New York City, Chicago and other major cities.

The SEC filing says that Brookfield has "reached an agreement to sell the company's 50% interest in Colorado State Bank building for approximately $22 million as part of the company's strategy to redeploy equity from this secondary market into existing primary and selected new markets." The document goes on to say that the transaction is expected to close by Nov. 30. Colorado State Bank building is a 26-story, 412,000-sf property in the Downtown financial district.

Although Brookfield did not identify the buyer, numerous sources tell GlobeSt.com that it is LBA Realty, which is based in Irvine, CA. In addition, sources tell GlobeSt.com that LBA plans to buy the other 50% interest in the building for $22 million in order to give it 100% ownership. That equates to about $105 per sf, which experts say is a fair price for the building. Officials from LBA did not return calls, and Brookfield has said repeatedly that is against their policy to discuss deals before they are completed. In addition to the Colorado State Bank building, Brookfield also owns the two World Trade Center towers Downtown and the 56-story Republic Plaza.

LBA Realty is a full-service real estate investment and management company founded by Phil Belling and Steve Layton in 1991. In addition to its headquarters in Irvine, it has regional offices in Los Angeles, San Diego and San Jose, CA.