Buchenberger bought the structure and athletic club nearly adecade ago, paying $1.4 million during the real estate depressionin the early 1990s. He says he is selling the property for personalreasons coupled with the appeal of the current strong downtownmarket. To make the property even more appealing, he recently hascompleted a $2.4 million remodeling, including two floorspreviously used as an athletic club and restaurant. The floors havebeen converted into 22,582 sf of office space. Another 19,139 sf ina section of the athletic club has been held in reserve, but alsocould be turned into offices and would provide a total of 127,760available sf, says Buchenberger.

The remodeling has involved upgrading the elevator system,entrance, lobby, common area, HVAC and adding a dome-covered,rooftop basketball court. The "solid class B" property is fullyleased, with rates ranging from about $14.50 per sf to $19 per sf,says Peter Wells of Frederick Ross Co., the listing agent. Heanticipates a buyer will be located by Sept. 15.

In 1984, Buchenberger sold the health club to Club SportsInternational, but bought it back in 1991 from Great West LifeInsurance, which took the building from former commercial realestate kingpin Bill Walters, who had more than $11 million inoutstanding loans levied against the property. Buchenberger was aco-founder of the health club, then called the Denver InternationalAthletic Club, which opened in the building in 1979.