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Retirement agency Denver building left unoccupied for decade

Posted: 11:11 AM, Oct 04, 2019
Updated: 2019-10-04 13:11:37-04
colorado state capitol with denver skyline.jpg

DENVER (AP) — Colorado real estate experts say a state agency has left a Denver office building unoccupied for about a decade representing millions in lost potential revenue.

The Denver Post reports that the five-floor Capitol Hill building is one of three owned by the state Public Employee Retirement Association.

The agency manages the retirement fund for about 600,000 current and former public employees and retirees.

Officials say agency has lost $1.8 billion on investments in 2018, and the losses cost the workers who pay into the agency and the retirees who receive benefits.

City appraisers say the 40,000-square-foot (3,716-square-meter) building would be worth about $8 million in a sale.

An agency spokesperson says they have been looking for a tenant for more than two years, but have been unsuccessful.

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Information from: The Denver Post, http://www.denverpost.com