REO Monitor: 700 17th Street, Denver, CO

September 6th, 2011  ::  Posted by CRE Console

The Denver Business Journal has reported that US Bank has filed to foreclose on 700 17th Street, a 24-story office building located in downtown Denver, Colorado.

The $17.6 million foreclosure has been filed against the property’s current owner, Toma West. Toma West bought the property in 2006 for $27.25 million from United Western Bank, who leased back about 62,000 square feet in the building.

United Western Bank was taken over by the FDIC the beginning of 2011. It is not clear if this lease is still in effect, but the property is currently 93 percent leased according to a listing on Loopnet.

[Denver Business Journal]

4 Responses to “REO Monitor: 700 17th Street, Denver, CO”

  1. Joshua says:

    What’s the $ PSF?

  2. CRE Console says:

    mortgage balance is about $100 PSF, building is 180,000 SF. Tough office floor plates at ~6,900 SF per floor….

    http://www.tomawest.com/pdf/700%2017th%20Street.pdf

  3. Joshua says:

    Probably shoulda gone with residential at that rate. That’s tough.

  4. CRE Console says:

    Yep, I was going to mentioned that, but thought you might laugh….

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