The University of Colorado Board of Regents okayed $29.75 million for the purchase of Independence Place, a 25-story downtown office tower. The purchase price includes the 55-year-old tower, two annexes and three levels of underground parking. The building, which is 79% vacant, was owned by an Alaskan public pension fund, which paid $144 million for it in 2007.
The Denver Business Journal reports that after the meeting, the school said that extending further into downtown will enhance the student experience and position CU Denver as a workforce, economic and business development engine in the heart of the Central Business District.
CU Denver operates in several downtown Denver buildings, most of them at the 150-acre Auraria Campus that sits adjacent to the city center. Funds for the purchase will come from CU Denver campus reserves. CU Denver expects to generate income through external leases, events and parking.
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