No. of Recommendations: 5
Brookfield handing back the keys at the wells fargo building in denver:
https://archive.is/NBKjj#selection-1831.274-1834.0 New York City-based Brookfield Properties is half-owner and manager of both the 56-story Republic Plaza skyscraper off 17th Steet and Broadway, and the curve-topped Wells Fargo Center tower two blocks east at 1700 N. Lincoln St., a building commonly known as the 'Cash Register Building."
In the case of the Wells Fargo Center, a loan service company talking with Brookfield about its imminent default. Brookfield late last year was trying to find new lenders after $134.6 million of its existing financing on Republic Plaza had matured, loan servicer notes say.
The skyscrapers represent a combined 2.5 million square feet of office space and were worth a combined $1 billion when they were bought.
Both attracted Denver-based oil and gas companies as major tenants. But the U.S. oil industry has consolidated dramatically since 2019, moving the headquarters of five companies in the two buildings out of the city and exacerbating the post-pandemic vacancy trend.
Brookfield declined to comment on the financing situation at either building.
