The 22-story Civic Center Plaza office building at 1560 Broadway in 2019. (BusinessDen file)
The owner of a 22-story office tower in Denver’s Upper Downtown has handed the keys to its lender rather than face foreclosure.
Los Angeles-based Rising Realty Partners executed a deed-in-lieu of foreclosure last week for the Civic Center Plaza building at 1560 Broadway, according to public records.
The firm gave ownership to Los Angeles-based Heitman Capital Management, which financed Rising Realty’s acquisition of the property five years ago. Rising Realty CEO Christopher Rising signed the paperwork.
Heitman and Rising Realty did not respond to separate requests for comment late Friday afternoon.
Rising Realty bought the building in June 2019 for $125 million, or $208 a square foot for the approximately 600,000-square-foot structure, records show. Heitman loaned the company $101 million the day the deal closed, and agreed to loan up to $9.6 million more for things like tenant improvements and leasing commissions.
Heitman never filed for foreclosure or requested a receiver be appointed to run Civic Center Plaza, as has happened for numerous Denver-area office buildings.
This is the third downtown office deed-in-lieu to take place since the pandemic reshaped the office sector, and the largest yet. The 435,000-square-foot building at 410 17th St. was given in April to a firm that bought the tower’s loan. The 115,000-square-foot structure at 1630 Welton St. was given up by coworking firm Expansive in July.
Civic Center Plaza was Rising Realty’s only Colorado holding, according to the firm’s website. Building tenants include the law firm Sheridan Ross, multiple state agencies and Regus, which took over former WeWork space last year.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The 22-story Civic Center Plaza office building at 1560 Broadway in 2019. (BusinessDen file)
The owner of a 22-story office tower in Denver’s Upper Downtown has handed the keys to its lender rather than face foreclosure.
Los Angeles-based Rising Realty Partners executed a deed-in-lieu of foreclosure last week for the Civic Center Plaza building at 1560 Broadway, according to public records.
The firm gave ownership to Los Angeles-based Heitman Capital Management, which financed Rising Realty’s acquisition of the property five years ago. Rising Realty CEO Christopher Rising signed the paperwork.
Heitman and Rising Realty did not respond to separate requests for comment late Friday afternoon.
Rising Realty bought the building in June 2019 for $125 million, or $208 a square foot for the approximately 600,000-square-foot structure, records show. Heitman loaned the company $101 million the day the deal closed, and agreed to loan up to $9.6 million more for things like tenant improvements and leasing commissions.
Heitman never filed for foreclosure or requested a receiver be appointed to run Civic Center Plaza, as has happened for numerous Denver-area office buildings.
This is the third downtown office deed-in-lieu to take place since the pandemic reshaped the office sector, and the largest yet. The 435,000-square-foot building at 410 17th St. was given in April to a firm that bought the tower’s loan. The 115,000-square-foot structure at 1630 Welton St. was given up by coworking firm Expansive in July.
Civic Center Plaza was Rising Realty’s only Colorado holding, according to the firm’s website. Building tenants include the law firm Sheridan Ross, multiple state agencies and Regus, which took over former WeWork space last year.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
