Denver Accountant Adds Another Office Building to Growing Portfolio

A Denver accountant has purchased an office building in the city’s Washington Virginia Vale neighborhood for $400,000 less than what the previous owners paid five years ago.

It’s the latest acquisition for Benjamin Borgers, a certified public accountant with his own firm in Lakewood, who has been accumulating midtier, Class B and C properties in the Denver market.

Borgers purchased the 63,170-square-foot, six-story building known as the Monaco Tower at 925 S Niagara St. from New York investment firm Stabilis Capital Management for $5.8 million, or about $92 per square foot. Not only did Stabilis take a $400,000 loss on the property, which it purchased in February 2014 for $6.2 million, but the firm also agreed to invest another $200,000 into mechanical repairs at the building as part of its deal with Borgers.

Borgers told the Denver Business Journal, the out-of-state Stabilis served as an absentee landlord and was willing to take the loss to get out of the building.

Monaco Tower was 90% leased at the time of sale to 16 tenants, including New America College, the AFL-CIO, and the Colorado branch of the American Federation of Teachers. Borgers said he plans to invest tens of thousands to build suites, ranging from 900 to 1,200 square feet, in the unleased space for future tenants.

The building is not Borgers’ first foray into the Denver real estate market.

According to Gregory Titus of Pinnacle Real Estate Advisors, who represented Borgers in the deal, his client already owns a number of midtier properties in the area and was ready to take on a larger asset.

“He has familiarity with that type of product,” Titus told the Denver Business Journal. “He’ll be a good owner for that type of product, without a doubt.”