Buchenberger bought the structure and athletic club nearly a decade ago, paying $1.4 million during the real estate depression in the early 1990s. He says he is selling the property for personal reasons coupled with the appeal of the current strong downtown market. To make the property even more appealing, he recently has completed a $2.4 million remodeling, including two floors previously used as an athletic club and restaurant. The floors have been converted into 22,582 sf of office space. Another 19,139 sf in a section of the athletic club has been held in reserve, but also could be turned into offices and would provide a total of 127,760 available sf, says Buchenberger.

The remodeling has involved upgrading the elevator system, entrance, lobby, common area, HVAC and adding a dome-covered, rooftop basketball court. The "solid class B" property is fully leased, with rates ranging from about $14.50 per sf to $19 per sf, says Peter Wells of Frederick Ross Co., the listing agent. He anticipates a buyer will be located by Sept. 15.

In 1984, Buchenberger sold the health club to Club Sports International, but bought it back in 1991 from Great West Life Insurance, which took the building from former commercial real estate kingpin Bill Walters, who had more than $11 million in outstanding loans levied against the property. Buchenberger was a co-founder of the health club, then called the Denver International Athletic Club, which opened in the building in 1979.