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Colin McIntyre
Updated December 4, 2025 / 10:26 PM MST / CBS Colorado
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A veteran Denver commercial‑real‑estate broker warned city officials in December 2023 that buying the Denver Post building for $88.5 million was ill‑advised. He argued the $290 per square foot price was unjustifiable amid rising downtown vacancy, increasing high‑rise loan defaults, and a wave of foreclosures. Despite the warning, Denver purchased the building in early 2024. The largest tenant, DP Media Network LLC, stopped paying rent in August 2025 and now owes roughly $3.5 million in unpaid and late rent. DP Media seeks to renegotiate its lease, sparking a court dispute with the city.
The Denver Post building is shown at right during a recent sunset.
CBS
“It was buying an asset when the market clearly said this was not the right time,” said William Lucas, managing director at Cushman Wakefield. Lucas has leased downtown Denver real estate for over 30 years and wrote a 2023 letter to the mayor and council. “What is the city really doing? Why are they buying this building?” he asked. He felt the city was operating in a vacuum and needed a market perspective.
Lucas received a reply from one council member, but that was all. Denver justified the purchase by planning to relocate its courts to the building in 2030 and expected $47 million in rent from tenants, including DP Media. In his letter, Lucas warned that more attractive, cheaper options would emerge, and he could not fathom paying $290 per square foot for 101 W Colfax.
CBS Colorado’s Brian Maass interviewed Lucas, who noted the downtown vacancy rate was 30% in 2023, projected to rise to 35% in 2024 and higher in 2025. CBRE reported a 37.7% vacancy in Q3 2024. Lucas also cited Trepp data showing about 30% of central Denver commercial mortgages tied to office buildings were delinquent—one of the country’s worst rates. He urged the city to defer the purchase, warning that the office market would continue to decline. “They were walking off a cliff and they did,” Lucas said. “Now the Post is not paying rent and the city is chasing them. I’d rather be on the other side.”
Lucas spoke out because he was born and raised in Denver and was concerned about taxpayer spending. On Thursday, Laura Swartz, Denver’s Department of Finance Communications Director, released a statement criticizing Lucas’s letter. “Private‑sector real estate and public‑sector real estate are very different,” Swartz said. She noted the city secured favorable financing for the purchase, which was the primary consideration. Swartz also explained that the court system needs additional space near downtown courthouses and that other downtown office buildings would not meet those needs.
Lucas said, “They bought high, and there’s nothing there—it evaporated.” The full letter is available below.
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