Columbine Place is an office tower at 216 16th St. in downtown Denver. (Thomas Gounley/BusinessDen)
A court-appointed caretaker now oversees another downtown Denver office tower after its owner defaulted on a loan.
Denver District Court Judge Shelley Gilman on Tuesday appointed John Rothschild Jr. of Newmark as receiver overseeing the Columbine Place building at 216 16th St.
The 17-story, 150,000-square-foot office building was built in the early 1980s and is owned by Columbine West 2 LLC. The company has a ground lease for the property.
The receivership was requested on Friday by an affiliate of Miami-based Rialto Capital, which earlier this year was assigned a $15.5 million loan the building’s owner took out from Société Generale in September 2015, according to court filings. The loan matures in 2025.
Columbine West has defaulted on the loan and now owes $17.7 million, according to Rialto. In its request for a receiver, the firm said the building “requires ongoing care and maintenance in order to prevent it experiencing a degradation” and was “in immediate danger of being materially injured or reduced in value.”
Attempts to reach building ownership for comment were unsuccessful. Rothschild declined to comment.
The base of the Columbine Place tower on Nov. 8, 2023. (Thomas Gounley/BusinessDen)
BusinessDen previously reported that the loan secured by Columbine Place was in special servicing. As of last month, the building was 52.5 percent available, according to CoStar. Trepp, a firm that tracks commercial real estate loans, said in a note in August that the owner and lender were “finalizing terms for a friendly foreclosure” or deed in lieu of foreclosure.
Attorney Craig Schuenemann of the Denver office of Bryan Cave Leighton Paisner is representing the lender in court proceedings.
Two other downtown buildings are currently under receivership: Trinity Place at 1801 Broadway and Wells Fargo Center at 1700 Lincoln St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Columbine Place is an office tower at 216 16th St. in downtown Denver. (Thomas Gounley/BusinessDen)
A court-appointed caretaker now oversees another downtown Denver office tower after its owner defaulted on a loan.
Denver District Court Judge Shelley Gilman on Tuesday appointed John Rothschild Jr. of Newmark as receiver overseeing the Columbine Place building at 216 16th St.
The 17-story, 150,000-square-foot office building was built in the early 1980s and is owned by Columbine West 2 LLC. The company has a ground lease for the property.
The receivership was requested on Friday by an affiliate of Miami-based Rialto Capital, which earlier this year was assigned a $15.5 million loan the building’s owner took out from Société Generale in September 2015, according to court filings. The loan matures in 2025.
Columbine West has defaulted on the loan and now owes $17.7 million, according to Rialto. In its request for a receiver, the firm said the building “requires ongoing care and maintenance in order to prevent it experiencing a degradation” and was “in immediate danger of being materially injured or reduced in value.”
Attempts to reach building ownership for comment were unsuccessful. Rothschild declined to comment.
The base of the Columbine Place tower on Nov. 8, 2023. (Thomas Gounley/BusinessDen)
BusinessDen previously reported that the loan secured by Columbine Place was in special servicing. As of last month, the building was 52.5 percent available, according to CoStar. Trepp, a firm that tracks commercial real estate loans, said in a note in August that the owner and lender were “finalizing terms for a friendly foreclosure” or deed in lieu of foreclosure.
Attorney Craig Schuenemann of the Denver office of Bryan Cave Leighton Paisner is representing the lender in court proceedings.
Two other downtown buildings are currently under receivership: Trinity Place at 1801 Broadway and Wells Fargo Center at 1700 Lincoln St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
