Two skyscrapers that make up the Denver Energy Center sold for $176 million in 2013, when they were 95% occupied. In December 2025, developer Asher Luzzatto bought them for $5.25 million, roughly a 97% drop, after JPMorgan Chase foreclosed in 2022 and only 18% of the space was leased. CBRE put downtown Denver's total office vacancy at 40.1% in the third quarter of 2026, up 1.5 percentage points, largely due to TIAA leaving 293,000 square feet at 1670 Broadway. Luzzatto plans to convert one tower into 350 to 400 apartments and keep the other as offices, at a redevelopment cost well over $100 million. In CBRE's 2026 investor survey, 74% of American respondents targeted multifamily properties, 37% industrial buildings and just 16% offices.
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