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Matrix Bank Pays $11 Mil for Terracentre

DENVER-The bank gives previous owner ROC Properties a $4.5-million gross profit even though the city continues to mull condemnation of the office building to make way for a 5,000-seat auditorium.

By John Rebchook | Updated on June 22, 2001

DENVER-Matrix Bank has paid $11 million for the 15-story, 108,000-sf Terracentre office building at 1100 Stout St. next to the Colorado Convention Center in Downtown. Matrix plans to move its $1.6 billion-in asset bank in Las Cruces, NM, to the Terracentre.

The bank will lease at least 50% of the building and lease the remaining half to other tenants, says Mark Spencer, the bank’s chairman.

Matrix bought the building from Denver-based ROC Properties, which purchased it a year ago for $6.5 million.

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