From left, Matt Budrow, associate vice president, and Phillip Ruschmeyer, president and CEO of Ruschmeyer Corp., in the belfry of the D&F Clocktower building.
Molly Armbrister Reporter Denver Business Journal
For only the second time in the building’s 105-year history, the top five floors of 1601 Arapahoe St., better known as the D&F Clocktower, are for sale, with a listing price of $4.5 million.
While that may seem like a low number for real estate located in one of the most active parts of one of the hottest real estate markets in the country, the asking price for the 2,838-square-foot building breaks down to $1,585 per square foot, which is no pittance.
“This could be the most expensive property ever listed on a per-square-foot basis,” said Phil Ruschmeyer, president and CEO of Ruschmeyer Corp., which is listing the property. “But what you get is incredible.”
The space is located in floors 17 through 21 of the clocktower building, which was built in 1911 as part of the Daniels & Fisher dry goods store. Lower floors are occupied by office users, but the top five floors are an event space that can hold about 100 people and is often used for weddings and corporate events.
The tower is one of the most recognizable structures in downtown Denver, with four illuminated clock faces and a belfry with a working bell.
At the time that it was built, the tower was the tallest structure west of the Mississippi at 393 feet, according to Ruschmeyer Corp., and it is on the National Register of Historic places.
Ruschmeyer is marketing the building internationally, looking for a tenant willing to pay for a unique asset that may or may not continue on as a public space.
Property owner will keep booking events in the space, but is selling the property in order to take advantage of Denver’s hot real estate market.
Kylberg is also creating a program called A Time to Give, in which she will donate the space each month to a non-profit to host an event.
“This is an opportunity to own a piece of Denver history,” Ruschmeyer said. “It’s a great central location in the heart of downtown that is an ideal office setting or entertainment space.”
Molly Armbrister covers real estate and construction for the Denver Business Journal. Phone: 303-803-9232.