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**Brookfield Takes Major Loss on Two Downtown Denver Office Towers**
Brookfield Properties has sold the office portion of the 707 17th Street tower in downtown Denver for $28.7 million, marking a significant decline in value since it purchased the building for $195 million in 2020.
The building includes the Hilton City Center hotel on the bottom 20 floors, which is owned by a separate entity. Brookfield’s portion, which was sold, consists of the 22 office floors above the hotel.
In a similar transaction, Brookfield also recently sold the neighboring property at 717 17th Street—also known as Johns Manville Plaza—for the same price of $28.7 million. That building was previously acquired by Brookfield for $205 million in 2020. Combined, the two tower sales totaled $57.4 million, a stark contrast to their collective 2020 purchase price of $395 million.
Both buildings were purchased by an LLC connected to Minnesota investor Patrick Halloran, formerly of Wayzata Investment Partners.
These sales underscore the ongoing challenges facing the downtown office market and represent one of the more significant valuation drops for a major investor in recent years.
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