July 6, 2023

Tallest building in Denver avoids foreclosure

DENVER – A new deal that runs through March 2026 will keep the 56-story Republic Plaza, Denver’s tallest building, out of foreclosure.

Brookfield Properties, the building’s owner, defaulted on a loan that matured in December and that had a $243.1 million balance as of last March. But according to KUSA-TV Channel 9, Brookfield reached a loan-modification agreement. The new deal, however, does not apply to another building Brookfield owns, the Wells Fargo Building, known locally as the “Cash Register Building.” Brookfield also defaulted on that loan, and lenders had taken over management at both locations. Office buildings have struggled to fill space in the wake of the COVID-19 pandemic.