The Denver Post building's impending sale signals a major downtown recovery push
Add Axios as your preferred source to
see more of our stories on Google.
The Denver Post building in downtown Denver. Photo: Esteban L. Hernandez/Axios
The Denver Post building could be the latest downtown office snatched up by the city.
Driving the news: A city council committee on Tuesday agreed to move forward with an agreement to buy 101 West Colfax Ave. for $88.5 million from Kayan LLC.
- The owners purchased the 305,733-square-foot property in 2006 for $93.4 million, records show.
Why it matters: The proposal would represent the city's largest investment to date in its efforts to revitalize downtown. By acquiring more office space, it could draw staff and foot traffic to the area.
Details: The 11-story building would provide space for district, county, probate and juvenile courts.
- City real estate director Lisa Lumley told council members on Tuesday the building's proximity to existing courthouses and size — it needs to handle increased projected caseloads through 2040 — are top reasons why it's under consideration.
State of play: Denver's government has leased space inside the building since 2016, and now occupies more than 50% of it.
- The latest proposal comes months after officials agreed to lease space at Republic Plaza for the district attorney's office.
- Denver currently owns or leases at least eight buildings in the downtown area.
Between the lines: Several council members wanted to get more details about the contract and appraisal for the purchase.
- Angela Casias, legislative director for the mayor, said during Tuesday's meeting the Johnston administration doesn't share contracts publicly because they're confidential.
The big picture: Downtown vacancy rates have risen in recent years, reaching 31% total office vacancy rate at the end of the third quarter, according to BusinessDen.
Of note: While Denver Post staff left the building in 2018, the structure — situated between city hall and the Capitol — is a towering emblem of the newspaper's heyday.
- It also housed the Rocky Mountain News until the paper folded in 2009.
What's next: The city expects to close on the property in March 2024.