Equity Commonwealth has agreed to sell a 32-story office building in Downtown Denver for $132.5 million, 1 percent less than it paid for it six years ago.

The Chicago-based real estate investment trust once led by the late Sam Zell inked a deal to sell the 709,402-square-foot 17th Street Plaza building at 1225 17th Street, the Denver Business Journal reported. The buyer was undisclosed.

The deal works out to roughly $187 per square foot.

Equity bought the building in 2009 for $134.25 million, or about $189 per square foot.

The pending sale represents the last remaining property for Equity, which in July announced it would liquidate its assets and dissolve after calls from activist investors to return money to shareholders.

The firm had been looking for a megadeal to deploy its war chest and take it to the next level, but was “unable to consummate a compelling transaction,” Equity CEO David Helfand told analysts during a conference call.

Zell, who took over Equity Commonwealth with Helfand in 2014, died in May 2023 at 81.

The property at 17th Street Plaza, the 12th tallest building in the city’s central business district, is home to global advisory firm KPMG, tech company Salesforce and real estate firms CBRE and JLL, according to the Business Journal

Salesforce occupies nearly 44,000 square feet of offices and CBRE occupies about 40,900 square feet, according to CBRE. Salesforce and CBRE renewed their leases last quarter.

The building also houses law firms Fox Rothschild; Norton Rose Fulbright; and Wilson Elser Moskowitz Edelman & Dicker. Ballard Spahr, another law firm in the building, will uproot from its 28,000-square-foot home of 40 years to move to smaller offices, according to the Business Journal.

As of September, the average rent in the office building was $30 per square foot. The vacancy of the tower, built in 1982, wasn’t indicated.

Equity Commonwealth once owned a 12-story office tower in the Denver Tech Center at 5075 Syracuse Street, according to the Business Journal. It sold the building in 2018 for $115 million.

— Dana Bartholomew