The 1660 Lincoln St. office tower in 2018. (BusinessDen file)
Another downtown Denver office tower has been surrendered to a lender.
On Wednesday, ownership of the 1660 Lincoln St. tower transferred from Westport Capital Partners to an entity linked to New York-based Benefit Street Partners, according to public records.
Westport, which has offices in California and Connecticut, purchased the 30-story, 300,000-square-foot tower in 2018 for $67.2 million, records show.
In 2021, the firm secured a four-year, $54 million bridge loan, with a one-year extension option, through Benefit Street Partners, according to JLL, which arranged the transaction.
Westport defaulted on that loan, per documents filed in connection with this week’s transfer.
Westport and Benefit Street Partners did not respond to BusinessDen’s requests for comment.
Owners sometimes surrender properties to a lender instead of forcing the latter to go through the foreclosure process, a process known as deed-in-lieu of foreclosure.
This is the Westport’s second Denver-area office building deed-in-lieu. In 2023, the firm handed over the keys for 7100 E. Belleview Ave. in Greenwood Village.
The 1660 Lincoln building was completed in 1972. Prior to Westport, it was owned by Seattle-based Unico Properties. More than $19 million in renovations were completed between 2016 and 2020, JLL stated four years ago.
Tenants include the law firm Ireland Stapleton, which moved there in 2023, and the coworking chain Coalition Space, which opened in early 2024.
Other major downtown buildings currently owned by a lender include Civic Center Plaza at 1560 Broadway, Trinity Place at 1801 Broadway and Denver Energy Center at 1625 and 1675 Broadway.
The 1660 Lincoln St. office tower in 2018. (BusinessDen file)
Another downtown Denver office tower has been surrendered to a lender.
On Wednesday, ownership of the 1660 Lincoln St. tower transferred from Westport Capital Partners to an entity linked to New York-based Benefit Street Partners, according to public records.
Westport, which has offices in California and Connecticut, purchased the 30-story, 300,000-square-foot tower in 2018 for $67.2 million, records show.
In 2021, the firm secured a four-year, $54 million bridge loan, with a one-year extension option, through Benefit Street Partners, according to JLL, which arranged the transaction.
Westport defaulted on that loan, per documents filed in connection with this week’s transfer.
Westport and Benefit Street Partners did not respond to BusinessDen’s requests for comment.
Owners sometimes surrender properties to a lender instead of forcing the latter to go through the foreclosure process, a process known as deed-in-lieu of foreclosure.
This is the Westport’s second Denver-area office building deed-in-lieu. In 2023, the firm handed over the keys for 7100 E. Belleview Ave. in Greenwood Village.
The 1660 Lincoln building was completed in 1972. Prior to Westport, it was owned by Seattle-based Unico Properties. More than $19 million in renovations were completed between 2016 and 2020, JLL stated four years ago.
Tenants include the law firm Ireland Stapleton, which moved there in 2023, and the coworking chain Coalition Space, which opened in early 2024.
Other major downtown buildings currently owned by a lender include Civic Center Plaza at 1560 Broadway, Trinity Place at 1801 Broadway and Denver Energy Center at 1625 and 1675 Broadway.
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