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GlobeSt.com EXCLUSIVE: Office Tower Faces Condemnation, Loss of Sale

DENVER-GlobeSt.com learns Matrix Capital Bancorp is the buyer for the unique looking building next to the Colorado Convention Center. But the deal may be in jeopardy if the city condemns it for the $268-million expansion of the convention center.

By John Rebchook | Updated on May 20, 2001

DENVER-The owners of the Terracentre have a buyer for the unique looking building next to the Colorado Convention Center, but the deal may be in jeopardy if the city condemns it for the $268-million expansion of the convention center. Denver-based ROC Properties bought the building a year ago for $6.5 million.

Now, ROC has an owner that would buy the 14-story, 105,000-sf building for about $11 million. Eventually, the buyer could occupy the entire building. ROC officials say the value of the building would be $18 million and they would retain an equity interest in the building after the sale.

ROC officials declined to reveal the name of the potential buyer, but GlobeSt.com has learned it was Matrix Capital Bancorp, which currently has its offices two blocks away from Terracentre. Matrix plans to move its $1.6 billion bank from Las Cruces, NM to either Denver or Phoenix.

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