Search
 

$11.9 Million Asking Price Being Sought for Renovated International Building

DENVER-Following a $2.4 million renovation, the International Building is up for sale. The owner says he is partially looking to cash in on the city's strong downtown market.

By John Rebchook | Updated on August 23, 2000

Bob Buchenberger is getting pumped up by plans to sell the 10-story office tower he owns in the heart of Denver’s Central Business District. His 10-story International Building at 1630 Welton St. quietly has been placed on the market for $11.9 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.