Local investors, Mike Roche and Sam Boyer have purchased the building, formerly known as the Security Life Tower. The funding from DHG Finance is allowing them to buy out Starwood Hotels & Resorts' interest in the deal.
David Gabriel, president of DHG Finance, has spent nearly five years to negotiate the complicated deal. Some say it was impossible, Gabriel says. The reason is that the building has been sitting empty since 1997. It also has no on-site parking and it sits on a long-term ground lease. Also, the structure needs extensive renovations to bring it up to current code standards. The building had been completed in 1965 and at the time had towered above all others in Denver's CBD.
But, there is more good news on the horizon: the Denver-based Frederick Ross Co. reportedly is close to leasing much of the building to a high-tech company.
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