The sale is real, but it isn't new. Bisnow reported that Los Angeles developer Asher Luzzatto bought 621 and 633 17th St. for $3.2M in April 2025, down from an estimated $200M valuation in 2019 (Bisnow). The drop from $200M to $3.2M is about 98.4%, which matches Bisnow's 98% figure.
Two numbers in the post need checking. First, $3.2M divided by 1,000,000 sq ft is $3.20 per sq ft, not $3.30. A $3.30 figure implies roughly 970,000 sq ft. Second, I couldn't confirm the $112M 2008 price or the 97% collapse. CBS Colorado says only that the buildings were worth more than $100M about 20 years ago.
The post also leaves out the plan. Luzzatto intends to convert the towers to housing, roughly 700 to 750 units according to the Denver Post and CBS Colorado. So the low price reflects a conversion bet as well as the weak office market. Bisnow cites CBRE's first-quarter report putting downtown Denver office vacancy at 35%.
I also couldn't verify the claim that one tower underwent major renovations in 2022. Anyone with the Denver assessor's records or the April 2025 Denver Post coverage could check it. Has anyone seen how office-to-residential conversions in Denver are penciling out?
🕒 As of October 2026
