BF Borgers is the new owner of Monaco Tower, a 63,170 square foot office building at 925 S. Niagara Street. Stabilis Capital Management purchased the building in 2014 for $6.2 million, then renovated the infrastructure and modernized the building systems by installing new boilers, LED lights and fiber-optic cabling. They also modernized the HVAC system and upgraded the elevator as well as constructing a new covered front entry with a common conference room.
Shockingly enough, this six-story office building with 91 percent occupancy sold at a substantial loss for a $5.8 million price tag. Many tenants like the building due to its visibility from Monaco Street and Leetsdale Marketplace, as well as its close proximity to shopping, restaurants and entertainment. Aside from the amenities and visibility of Monaco Tower, the metro Denver office sector has seen the highest net absorption recorded since the first quarter of 2016. Specifically in Class A and Class B office spaces in the downtown submarket there have been a rise in cost as well as a decline in space, pushing tenants to submarkets of Denver. This push is leading to a decrease in office space in buildings such as the Monaco Tower.
