For the past few months, it looked like the owners at Republic Plaza, an icon of the Denver skyline, might lose the building to foreclosure.
But instead, the landlords just worked out a deal with lenders. It will avert a default and spare the city a psychic blow as downtown boosters try to revive an area that has struggled to recover since being shut down by COVID-19 more than three years ago. The new agreement runs through March 2026, according to a spokesperson for Brookfield Properties, a property company that owns the building in a partnership with MetLife’s investment arm.
The 56-story skyscraper, the tallest in Colorado, is in the same bind as many office buildings in downtown Denver as remote work saps demand for space. The value of the 1980s-era tower plunged by hundreds of millions dollars as vacancies climbed in recent years.
The deal with lenders buys the owners time to turn things around. There’s been some good news at the property in recent months, such as the Denver District Attorney leasing space, and energy company Ovintiv renewing a big block of space.
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