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**Trinity Place Office Tower Sells for $6 Million Amid Denver’s Distressed Market Trends**
Trinity Place, a 17-story office building in downtown Denver, has been sold for just $6 million in another sign of the city’s struggling commercial real estate market. The property, which is mostly vacant, underscores a broader trend of high-profile office sales closing at steep discounts.
Recent data highlights the scope of Denver’s distressed office sector. In 2023, Brookfield sold two downtown office towers for $28.7 million each – stark contrasts to their original purchase prices of $195 million and $205 million in 2020. Similarly, The Luzzatto Company acquired two other towers for $5.25 million and $3.2 million, though they were reportedly valued at nearly $100 million combined just a few years prior.
Trinity Place was previously purchased in 2019 by co-working company Expansive for $40.2 million. By 2023, the $35 million loan secured on the property had become distressed, leading to a takeover by lender LoanCore Capital. Denver investor Craig Clark ultimately acquired the tower at a fraction of its previous value.
Today, Trinity Place remains largely unoccupied. Of its 195,753 square feet, 118,125 square feet are currently vacant—putting the building’s vacancy rate at approximately 60%.
The sale is yet another example of the ongoing revaluation of office assets in Denver as the market adjusts to post-pandemic occupancy trends and decreased demand for traditional office space.
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