Downtown office tower last sold in 2005 hitting auction block

1290 broadway scaled

The office tower at 1290 Broadway in Denver. (Max Scheinblum/BusinessDen)

A 17-story office tower just south of downtown Denver is set to be auctioned off next month.

If successful, it would be the first sale of the building since 2005.

The auction for the 252,000-square-foot tower at 1290 Broadway is scheduled to begin online Feb. 24 and conclude two days later, according to auction website Ten-X.

The minimum bid for the building dubbed Security Life Center is $7.25 million.

The tower was built in 1986 and its occupancy is relatively strong. It is 78.9 percent leased, according to the auction listing, and  for 20 years its average occupancy rate has been 85 percent. 

Anchor tenant ALPS Holdings, which has 26 percent of the space, renewed for another eight years in 2020, per the listing. Other tenants include the Colorado Bar Association and the law firm Keating Wagner Polidori Free. Median tenant size is about 6,000 square feet.

The tower is across the street from the Colorado Supreme Court complex. It was built in 1986.

The tower is currently owned by an LLC linked to Iowa-based investment management and insurance firm Principal Investment Group. It bought the building in 2005, paying $31.8 million, records show.

Another local Colorado property slated for auction is Lumen’s 790,000-square-foot corporate campus on 55 acres in Broomfield, which the company formerly known as CenturyLink has been trying to sell since at least early 2023. That auction is scheduled for the same dates, with a starting bid of $6.5 million.

1290 broadway scaled

The office tower at 1290 Broadway in Denver. (Max Scheinblum/BusinessDen)

A 17-story office tower just south of downtown Denver is set to be auctioned off next month.

If successful, it would be the first sale of the building since 2005.

The auction for the 252,000-square-foot tower at 1290 Broadway is scheduled to begin online Feb. 24 and conclude two days later, according to auction website Ten-X.

The minimum bid for the building dubbed Security Life Center is $7.25 million.

The tower was built in 1986 and its occupancy is relatively strong. It is 78.9 percent leased, according to the auction listing, and  for 20 years its average occupancy rate has been 85 percent. 

Anchor tenant ALPS Holdings, which has 26 percent of the space, renewed for another eight years in 2020, per the listing. Other tenants include the Colorado Bar Association and the law firm Keating Wagner Polidori Free. Median tenant size is about 6,000 square feet.

The tower is across the street from the Colorado Supreme Court complex. It was built in 1986.

The tower is currently owned by an LLC linked to Iowa-based investment management and insurance firm Principal Investment Group. It bought the building in 2005, paying $31.8 million, records show.

Another local Colorado property slated for auction is Lumen’s 790,000-square-foot corporate campus on 55 acres in Broomfield, which the company formerly known as CenturyLink has been trying to sell since at least early 2023. That auction is scheduled for the same dates, with a starting bid of $6.5 million.

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