Today's online Wall Street Journal features an unusual story about Denver's Wells Fargo Center, whose owner, an Australian real-estate investment firm called Macquarie Office Trust, has been trying to peddle it since earlier this year. The piece isn't about a sale but a possible sale. Sources cited by the Journal suggest that Macquarie has received ten bids for the building, which is 96 percent leased, with the winning entry likely to land in the $300 million range -- considerably below the $355 million value at which the Center was estimated just three years ago. However, Macquarie execs didn't comment for the story, and reporter Maura Webber Sadovi isn't making any promises that a transaction will close. She begins one sentence like so: "If there is a deal, and there isn't any guarantee there will be one in this turbulent market...."
It's an indication of how soft the economy remains that the Wall Street Journal would devote so much space to the mere prospect of selling this Denver landmark. The times, they aren't a-changin' fast enough.
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