A number of Denver office towers continue to suffer profitability issues. The 17-story tower, once known as Columbine Place, has been bought for $3.63 million. The Denver Business Journal reports building values in downtown Denver have dropped significantly since then. Adio Palace is the buyer. The building will also be called Adio Palace.
The 149,222-square-foot skyscraper previously served as collateral for a $15.5 million loan in 2015. The new owner plans to continue to use the property as is and attract more tenants to the building. The building is 69% vacant.
A Denver District Court judge placed the tower into receivership in 2023. The University of Hawaii Foundation held a ground lease on the land while an investor group called Columbine West 2 owned the building. Court documents in 2023 showed Columbine West 2 owed $17.7 million on the building. A foreclosure began after Columbine West 2 had failed to make principal and interest payments since October 2022.
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