With office vacancies growing and leasing activity slowing down in Downtown Denver, another struggling high-profile office tower is heading for the auction block in the Mile-High City, the second in less than two months.
The 24-story DC Building, a 275K SF office building that is less than 31% occupied, will be sold by owners Unico Properties and Goldman Sachs at a two-day auction on the CRE platform Ten-X scheduled to kick off on Aug. 22, according to a report in BusinessDen.
The minimum bid for the property has been set by the owners is $9M, less than third of the $30M Unico spent to acquire the DC Building in 2015. In 2018, Unico invested another $10M on renovations on the building, located at 518 17th Street, including the addition of a bowling alley.
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