IN RESPONSE | Colorado's PERA shouldn't bank on the future of oil and gas

 

Colorado's Public Employee Retirement Association has kept a downtown building vacant for a decade, a Colorado media outlet is reporting.

The 40,000-square-foot building at 1300 Logan St. could bring $8 million if it was sold, according to an appraisal on the city website.

Real estate specialists told The Denver Post that it makes no sense for PERA to keep the building unused without selling it for so long.

“The market’s been extremely strong," real estate owner Stephen Tebo told the Post. "It’s definitely a waste of money sitting there, because it just deteriorates.”

PERA serves around 600,000 current and retired public employees around Colorado, including teachers, prison system employees, state troopers and some municipal workers.

The agency lost $1.8 billion on investments last year, causing its working participants to begin paying in more and retirees to receive less.

Tara May, spokeswoman for PERA, told the Post that they have been marketing to potential tenants for 2.5 years but have not found any.

“The building has not been actively used in about 10 years, (but) … this has not been a property that has lain idle without significant marketing behind it,” May said.

“If we have people that are interested in that building, we’d like to know who they are.”

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