The 700 17th St. tower was built in 1960. (BusinessDen file)
The office tower at 700 17th St. in downtown Denver is poised to be overseen by a third-party caretaker.
Wilmington Trust, trustee of the building’s $19 million loan, filed a lawsuit in Denver District Court last week requesting William Lawrence of Transwestern Property Co. be appointed to serve as receiver of the 24-story building.
BusinessDen reported earlier this month that the building’s owner, an affiliate of Denver-based Toma West, had defaulted on its loan by failing to make payments on time. The loan was transferred to special servicing in March.
A judge had yet to rule on the request as of Wednesday afternoon, but receivership requests are typically perfunctory.
Richard Herold, vice president and general manager of Toma West, declined to comment on the request. But he previously told BusinessDen that the firm has an “amicable” relationship with its lender and “we’ll keep the building.”
The 10-year loan on the 182,500-square-foot building dates to June 2016 and was originally for $21 million. Toma West still owes $19.14 million, according to the lender’s lawsuit. Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust.
Other office buildings in or near downtown that are under receivership are the Wells Fargo Center, 1801 Broadway, Columbine Place at 216 16th St., Industry Denver at 3001 Brighton Blvd., and Zeppelin Station at 3601 Wazee St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The 700 17th St. tower was built in 1960. (BusinessDen file)
The office tower at 700 17th St. in downtown Denver is poised to be overseen by a third-party caretaker.
Wilmington Trust, trustee of the building’s $19 million loan, filed a lawsuit in Denver District Court last week requesting William Lawrence of Transwestern Property Co. be appointed to serve as receiver of the 24-story building.
BusinessDen reported earlier this month that the building’s owner, an affiliate of Denver-based Toma West, had defaulted on its loan by failing to make payments on time. The loan was transferred to special servicing in March.
A judge had yet to rule on the request as of Wednesday afternoon, but receivership requests are typically perfunctory.
Richard Herold, vice president and general manager of Toma West, declined to comment on the request. But he previously told BusinessDen that the firm has an “amicable” relationship with its lender and “we’ll keep the building.”
The 10-year loan on the 182,500-square-foot building dates to June 2016 and was originally for $21 million. Toma West still owes $19.14 million, according to the lender’s lawsuit. Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust.
Other office buildings in or near downtown that are under receivership are the Wells Fargo Center, 1801 Broadway, Columbine Place at 216 16th St., Industry Denver at 3001 Brighton Blvd., and Zeppelin Station at 3601 Wazee St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
