The 1800 Larimer St. building in 2022. (BusinessDen file)
The downtown Denver office tower that until recently housed the regional headquarters of Xcel Energy is the latest to be given to a lender.
Ownership of the 22-story building at 1800 Larimer St. transferred last week to an entity affiliated with New York’s Blackstone Mortgage Trust.
The building was previously owned by Boston-based Beacon Capital Partners, which bought it for $291 million in January 2022. The following month, records show, Beacon took out a $191 million loan on the building from Blackstone.
That loan was originally set to mature in March 2026, according to the original agreement.
Beacon and Blackstone did not respond to requests for comment Tuesday afternoon. Owners generally give buildings to lenders when they’ve defaulted on a loan and know that the lender could foreclose.
The building is 546,000 square feet, according to its website. More than half of that, nearly 300,000 square feet, was previously leased to Minneapolis, Minnesota-based Xcel. But Xcel’s lease ended earlier this year. The firm moved its regional headquarters to the T3 building at 3500 Blake St. in RiNo, despite Beacon’s efforts to get it to renew downtown.
Two-thirds of the 1800 Larimer tower is currently available, according to LoopNet.
Beacon is a major landlord in Denver. The company’s holdings include Circa at 1615 Platte St., 1700 Broadway and Union Tower West at 1801 Wewatta St. Earlier this year, Beacon and Denver-based Elevation Development Group completed construction of the new Steel House office building at 3100 Brighton Blvd.
A number of downtown office buildings have been given to a lender or have been foreclosed on in recent years, including Civic Center Plaza, Denver Energy Center and 1660 Lincoln St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The 1800 Larimer St. building in 2022. (BusinessDen file)
The downtown Denver office tower that until recently housed the regional headquarters of Xcel Energy is the latest to be given to a lender.
Ownership of the 22-story building at 1800 Larimer St. transferred last week to an entity affiliated with New York’s Blackstone Mortgage Trust.
The building was previously owned by Boston-based Beacon Capital Partners, which bought it for $291 million in January 2022. The following month, records show, Beacon took out a $191 million loan on the building from Blackstone.
That loan was originally set to mature in March 2026, according to the original agreement.
Beacon and Blackstone did not respond to requests for comment Tuesday afternoon. Owners generally give buildings to lenders when they’ve defaulted on a loan and know that the lender could foreclose.
The building is 546,000 square feet, according to its website. More than half of that, nearly 300,000 square feet, was previously leased to Minneapolis, Minnesota-based Xcel. But Xcel’s lease ended earlier this year. The firm moved its regional headquarters to the T3 building at 3500 Blake St. in RiNo, despite Beacon’s efforts to get it to renew downtown.
Two-thirds of the 1800 Larimer tower is currently available, according to LoopNet.
Beacon is a major landlord in Denver. The company’s holdings include Circa at 1615 Platte St., 1700 Broadway and Union Tower West at 1801 Wewatta St. Earlier this year, Beacon and Denver-based Elevation Development Group completed construction of the new Steel House office building at 3100 Brighton Blvd.
A number of downtown office buildings have been given to a lender or have been foreclosed on in recent years, including Civic Center Plaza, Denver Energy Center and 1660 Lincoln St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
