Denver Office Property Converts to Apartments
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Denver multifamily concessions are tightening as the 2024 delivery wave clears, and industrial along the I-25 corridor continues to find institutional bids. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 15th Denver story tracked on the wire in September 2026. All Denver coverage →
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Lofts on Monaco opened to residents in June after Shea Properties spent about a year converting the four-story building into apartments. The Denver Business Journal reports Shea Properties bought the 120,000-square-fo…
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