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CU Denver buys Independence Plaza for nearly $28M
The university plans to convert part of the 25-story tower into a 30,000-square-foot innovation and entrepreneurship hub, supported by $4.5M in city-backed funding.
University of Colorado Denver purchased Independence Plaza, a 25-story office tower at 1050 17th St. in Denver, for nearly $28M, the latest deal in the city’s downtown reshaping efforts, according to Bisnow.
The university, in partnership with Denver Economic Development & Opportunity, plans to convert a portion of the building into a 30,000-square-foot innovation and entrepreneurship hub. Downtown Development Authority approved $4.5M for the hub in June, with an additional $1.5M expected from DEDO, the Bisnow story said.
The deal points to CU Denver’s broader goal of connecting students and educators to downtown employment opportunities and helping turn ideas into startups and businesses, as stated by Denver Mayor Mike Johnston. Bisnow also noted the purchase price was about $2M less than the expected price reported in June.
Beyond CU Denver’s acquisition, Bisnow’s deal roundup cited other local transactions, including the Denver Broncos buying about 10 acres for $55M in the Burnham Yards area, and The Broadmoor buying a building at 10 Lake Circle, though deal terms were not disclosed.