Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
The Harlequin Plaza office complex in the Denver Tech Center is now owned by a lender.
Wilmington Trust took ownership of the 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village last Wednesday when no one else bid at a foreclosure auction.
Wilmington, trustee of a CMBS loan originally issued by Wells Fargo, submitted a credit bid of $29.38 million. That’s equal to the amount owed by the property’s previous owner, Seattle-based Unico Properties, records state.
The two-building Harlequin Plaza complex sits on 18 acres. It was built in 1980 and renovated in 2013.Â
Unico, which didn’t respond to a Wednesday request for comment, bought the property in October 2012 for $26.6 million. Two years later, in 2014, the company took out a $28 million loan on the building from Wells Fargo, records show.
That loan came due in June 2024, but Unico failed to pay it off. Wilmington got a receiver appointed to oversee the building the following month and initiated foreclosure proceedings in October.
In a September report, the receiver said just over 70% of the complex was occupied. The complex’s largest tenant is Bellco Credit Union, which has its headquarters there.
Unico is a major Denver landlord. Its other local office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC. Billy Woodward, who had been Unico’s Colorado market leader, joined Tributary Real Estate earlier this year.
About half a dozen major Denver-area office properties have been foreclosed on since the pandemic. Others in that category include Triad Office Complex in Greenwood Village and downtown Denver’s Trinity Place and Market Center.Â
That figure doesn’t include deed-in-lieu of foreclosures, in which an owner gives a lender a property before getting to a foreclosure auction.
Denver isn’t the only market where Unico has faced challenges. The Wall Street Journal reported last week that the largest office building in Portland, Oregon, is being marketed for sale for $70 million, more than 80% less than what Unico paid for it a decade ago.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Read more: Denver’s reluctant landlords: Lenders taking growing number of office buildings
Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
The Harlequin Plaza office complex in the Denver Tech Center is now owned by a lender.
Wilmington Trust took ownership of the 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village last Wednesday when no one else bid at a foreclosure auction.
Wilmington, trustee of a CMBS loan originally issued by Wells Fargo, submitted a credit bid of $29.38 million. That’s equal to the amount owed by the property’s previous owner, Seattle-based Unico Properties, records state.
The two-building Harlequin Plaza complex sits on 18 acres. It was built in 1980 and renovated in 2013.Â
Unico, which didn’t respond to a Wednesday request for comment, bought the property in October 2012 for $26.6 million. Two years later, in 2014, the company took out a $28 million loan on the building from Wells Fargo, records show.
That loan came due in June 2024, but Unico failed to pay it off. Wilmington got a receiver appointed to oversee the building the following month and initiated foreclosure proceedings in October.
In a September report, the receiver said just over 70% of the complex was occupied. The complex’s largest tenant is Bellco Credit Union, which has its headquarters there.
Unico is a major Denver landlord. Its other local office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC. Billy Woodward, who had been Unico’s Colorado market leader, joined Tributary Real Estate earlier this year.
About half a dozen major Denver-area office properties have been foreclosed on since the pandemic. Others in that category include Triad Office Complex in Greenwood Village and downtown Denver’s Trinity Place and Market Center.Â
That figure doesn’t include deed-in-lieu of foreclosures, in which an owner gives a lender a property before getting to a foreclosure auction.
Denver isn’t the only market where Unico has faced challenges. The Wall Street Journal reported last week that the largest office building in Portland, Oregon, is being marketed for sale for $70 million, more than 80% less than what Unico paid for it a decade ago.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Read more: Denver’s reluctant landlords: Lenders taking growing number of office buildings
