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**Trinity Place Office Tower in Denver Sold for Just $6M Amid Market Downturn**
Trinity Place, a 17-story office tower in downtown Denver, has changed hands for just $6 million in a stark reflection of ongoing challenges in the commercial real estate sector. The property is currently largely vacant, with approximately 60% of its 195,753 square feet unoccupied—meaning 118,125 square feet remain available.
The building’s sale is one of several recent distressed property transactions in Denver. Last year, Brookfield sold two of its office towers for $28.7 million each—properties it had acquired for $195 million and $205 million in 2020. Similarly, The Luzzatto Company picked up other office assets for $5.25 million and $3.2 million, although those towers had once collectively been valued near $100 million.
Expansive, a co-working firm, had purchased Trinity Place in 2019 for $40.2 million. However, a $35 million loan secured against the building eventually went underwater and led to the asset being taken over by lender LoanCore Capital. Local businessman Craig Clark ultimately acquired Trinity Place at the deeply discounted price of $6 million.
This transaction underscores the continued struggles of Denver’s office market, which has been hit hard by high vacancy rates and rising interest rates—factors contributing to a decline in commercial property values.
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