The University of Colorado will pay $29.75 million to purchase Independence Plaza, the downtown Denver office tower.
Thatap according to documents prepared for the university’s system’s Board of Regents, which also state that the deal will close Friday.
The 25-story tower’s current owner, Independence Plaza Investment Group, paid $144.5 million for it in 2007.
The sale to CU will amount to just shy of an 80% discount.
BusinessDen broke the news in early May that CU was under contract to buy the 567,000-square-foot tower, which takes up a full city block at 1050 17th St. The property is just 21% occupied.
The property will become part of the University of Colorado Denver, which has other operations downtown.
CU doesn’t plan to use the entire tower itself. In an application to the Denver Downtown Development Authority, the system said it wants to use DDDA funds to offer low-interest loans to companies building out office space.
“By bringing students together with employers, students will gain real-life experiences and businesses will have direct access to their future workforce,” the university wrote.
Read more from our partner, .
