Trinity Place (1801 Broadway) Sells for $6M
One downtown Denver office tower changed hands at a foreclosure auction for $6 million.
Trinity Place at 1801 Broadway is a 17-story, 195,753-square-foot office building. It sits on a prominent corner at 18th Street and Broadway in downtown Denver.
Transaction Disruption
The consideration was $6,000,000, and Craig Clark was identified as the purchaser.
About 118,125 square feet is listed as available for lease.
Denver’s office vacancy stood at 36.8% as of Q2 2025, underscoring the challenge of backfilling space downtown.
Renovations around 2019 upgraded the lobby and common areas.
Amenities include a patio, conference room, tenant lounge, grab-and-go food, retail, and parking.
Buyer and Community Stakes
Details are sparse, but the buyer profile points to a repositioning for small to midsize tenants and floorplates.
Transit links include light rail and the 16th Street Mall Shuttle.
The community impact will hinge on tenant backfill and street-level activity at 18th Street and Broadway.
From $40.2M to $6M: The Foreclosure Timeline
The $6 million foreclosure auction sale of Trinity Place capped a steep, multi-year collapse in value for the 17-story downtown Denver tower. The 195,000 SF building has more than 118,000 SF available for lease, according to marketing materials.
Expansive acquired it in 2019 for $40.2 million with LoanCore Capital debt.
Foreclosure Timeline Under Stress
By January 2024, payment default and market repricing pushed LoanCore to record Denver County notices. Foreclosure filings in 2025 have faced legal delays that can stretch timelines toward a 762-day average, intensifying investor concern over stalled exits.
Those filings invoked deed of trust remedies, defining the foreclosure mechanics and starting statutory cure clocks.
- Early 2024 initiation, with no auction date set
- Late 2024 auction, where LoanCore credit bid about $34.6 million and took ownership
- Completed title transfer to a LoanCore-controlled entity, enabling later resale
In 2026, the lender-owned tower sold for $6 million, an 85 percent wipeout from 2019 pricing.
Inside Trinity Place: Vacancy, Tenants, Upgrades
Although Trinity Place sits at a prominent corner of 18th Street and Broadway, the 17-story Class B tower is operating with roughly 60 percent vacancy. 118,125 square feet of its 195,753 square feet is currently available for lease.
Vacancy Pressure
The mostly vacant post-foreclosure profile is shaped by smaller floorplates intended for small to midsize tenants.
Upper floors deliver downtown views through floor-to-ceiling windows.
The building is supported by onsite parking and light rail access.
Denver’s slow office recovery has been linked to a strong remote work culture among its workforce.
Tenants and Upgrades
Ground-level retail activation comes from Savina’s Mexican Kitchen, relocated from the former La Loma site.
A local shipping company also occupies retail space.
Recent capital work added a conference room and a WiFi tenant lounge.
It also introduced grab-and-go food, an outdoor patio, and lobby upgrades to expand tenant amenities.
Denver Distressed Office Comps Driving Price Cuts
Trinity Place’s $6M resale after a $40.2M trade in 2019 has become a blunt new comp in a downtown Denver office market already governed by forced selling and steep write-downs.
That reset is echoed by Brookfield towers dropping from about $200M to $28.7M each.
High-profile distress events like Dallas’ Harwood Center auction are also being watched as broader signals that forced sales can accelerate price corrections beyond a single market.
Distress comps reset bids
Underwriters are marking Class B assets to distressed trades, not replacement cost.
Investor strategies now hinge on downside protection and conversion economics.
- Brookfield: roughly 85% to 90% value declines.
- Denver Energy Center: about $5.25M versus nearly $100M.
- Two towers: $112M to $3.2M.
Pricing power erodes amid vacancy
CBRE put downtown vacancy near 38%, limiting rent growth assumptions.
More than 5M SF labeled distressed sustains comp-driven price cuts into 2026 valuations.
What’s Next for Trinity Place: Lease-Up or Conversion?
With Trinity Place now trading at a $6M basis, the underwriting debate has shifted from price discovery to survival strategy.
More than 118K SF sits available in the 195K SF Class B tower, amid roughly 30% downtown vacancy.
Nearby, the $1B River Mile approval could add new residents and mixed-use activity that changes the long-run demand outlook for downtown space.
Lease-Up Risk Intensifies
Recent lounges, conference space, and grab-and-go food signal a push for value tenants.
Lease-up likely requires steep rent cuts, flexible terms,
and reliance on modest retail activation from Savina’s Mexican Kitchen.
Conversion Math Hinges on Policy
Market timing favors adaptive reuse as DDDA-backed projects like the Petroleum Building and High Fidelity show subsidy capacity.
Zoning implications, core layout, and facade depth must be verified,
because MEP and plumbing retrofits can erase the 85% wipeout advantage.
Frequently Asked Questions
What Are the Current Property Taxes and Annual Operating Expenses at Trinity Place?
Current property taxes and operating expenses at Trinity Place are not publicly itemized in a single source.
A detailed property tax breakdown typically requires pulling the building’s parcel records from the Denver Assessor and/or Treasurer.
Operating expenses can be approximated using Class B market benchmarks.
However, vacancy levels can significantly distort total expense ratios, and accurate figures usually require owner financial statements.
Did the $6m Price Include Assumed Debt, Fees, or Only the Real Estate?
The $6 million reflected only the real estate, with no reported debt assumption.
Available records also show no explicit fee allocation for closing costs or liabilities. The lender’s foreclosure claim was satisfied separately.
What Environmental Assessments or Remediation Issues, if Any, Exist at the Site?
No site-specific public records confirm environmental assessments or remediation at the site.
A Phase I Environmental Site Assessment (ESA) is typically commissioned during due diligence. If potential soil or groundwater contamination risks are identified, Phase II testing may follow.
For older buildings, an asbestos survey is commonly recommended. Lead-based paint and indoor air quality reviews are also often performed.
Are There Major Capital Repairs Needed (Hvac, Elevators, Façade) in the Next Five Years?
Major capital repairs are likely within five years, especially for aging building systems. HVAC equipment often reaches or exceeds its expected service life, prompting replacement and controls upgrades.
Elevator modernization may also be needed to improve reliability and meet current code requirements.
Façade work is another common near-term capital item, including sealant and window repairs to address water infiltration and prevent further deterioration.
What Zoning and Permitting Hurdles Could Affect a Residential Conversion Plan?
Zoning is generally permissive downtown, but a use variance may still be needed if any conditions are nonconforming.
Permitting typically requires a change-of-occupancy review. This can trigger code upgrades for fire safety, natural light, and egress.
You may also need to meet parking requirements and any applicable design guidelines. Detailed documentation is usually required throughout the process.
Assessment
Trinity Place at 1801 Broadway closed at $6 million, an 85 percent wipeout from prior pricing.
The outcome showed how foreclosure pressure and vacancy are resetting Denver office values.
Tenant demand remains thin, while deferred maintenance and upgrade costs weigh on operations.
Distressed comparables are forcing sharper discounts across the central business district.
Next steps center on lease-up, or conversion, under tighter lending and prolonged uncertainty.
Execution risks are elevated as move-outs accelerate.
