Editor’s note: This article has been updated to clarify that The Antlers hotel has not fallen into foreclosure.

The Wells Fargo Tower and FirstBank buildings, the two tallest and most prominent in Colorado Springs, located at the Palmer Center downtown, have fallen into foreclosure.

Several other business suite properties, accessed via either building or the adjacent The Antlers hotel, are also in foreclosure, El Paso County Public Trustees Office records show.

The Antlers has not fallen into foreclosure.

A foreclosure notice has been filed with the Trustee’s Office against several Delaware limited liability companies, RPalmer LLC, Overland Palmer LLC and Palmer Center Owner LLC, which are controlled by private real estate development, investment and management companies with principal offices in California and in Canada.

An entity named DPalmer LLC was also noticed, but it withdrew its legal authority to do business in Colorado in January 2021, according to business records filed with the Colorado Secretary of State.

The entities purchased the downtown Colorado Springs buildings in 2015, according to the El Paso County Assessor’s website.

The owners have an unpaid principal balance of about $59 million on a loan of $74 million, records show. A trustee for Bank of America is the current holder of the loan.

A foreclosure auction has been scheduled for Oct. 21.

The foreclosure filing begins a process that could result in the owners losing the properties. The fate of the buildings’ tenants is unclear, but they can likely continue operating as before.

Steve Schuck, a longtime Colorado Springs real estate developer who has been doing business in the FirstBank building for about 30 years, said by phone on Tuesday he plans to remain a tenant there.

It is also unclear what factors contributed to the foreclosures. The Gazette’s attempts this week to reach the listed attorney with Atlanta-based Kilpatrick Townsend & Stockton LLP for more information were unsuccessful. The firm has an office in Denver.

Commercial real estate experts in Colorado Springs have said Colorado’s office markets are facing challenges including high vacancy rates and falling property values, though the Springs market remains relatively stable compared with Denver.

Downtown Denver has been hit hard by companies who downsized or left their offices after the COVID-19 pandemic, when businesses shuttered their doors and many adopted remote work.

For example, Republic Plaza, the tallest building in Denver, is facing receivership after defaulting on its loan in March.

The Luzzatto Co. purchased the Denver Energy Center next door for a steep discount at a foreclosure auction, and the University of Colorado recently purchased Independence Plaza in the heart of downtown Denver for $27.95 million, about $2 million cheaper than the previously expected sale price.

Schuck emphasized that though he is not a real estate agent, the recent foreclosures in downtown Colorado Springs are “a function of market circumstances,” pointing to Denver’s recent office trends.

“It isn’t a surprise that Colorado Springs is not immune to the same market dynamics,” he said.

Downtown Colorado Springs’ office vacancy was 10.4% in the second quarter of 2026 with 589,521 square feet available, compared with the citywide vacancy rate of 12% with about 4.2 million square feet available, according to the most recent quarterly report from the city’s Downtown Partnership merchant group.

Class A building space, the highest-quality office space in a given market and which includes the Wells Fargo Tower and FirstBank buildings, temporarily slowed down in the second quarter of 2026, the report said. Class A vacancy downtown increased to 8.2%, up from 7.4% in the first three months of the year.

Commercial and retail real estate professionals have also said demand is increasing for class A office space that is close to employees’ homes and transportation hubs and which offers amenities like mental health spaces, expanded fitness options and more.

Downtown Partnership CEO Chelsea Gondeck previously told The Gazette her organization prioritizes filling office and retail vacancies, working with property owners and commercial brokers to market the spaces and connect them with prospective tenants.

More coverage: A brief history of the Wells Fargo Tower and FirstBank buildings in downtown Colorado Springs

The buildings at the northwest corner of Colorado and South Cascade avenues and south of the corner at Pikes Peak and South Cascade avenues, respectively, have been known by different names throughout the years and are in an area that has been a center of banking for decades.

Construction on the 250-foot-tall Wells Fargo Tower at 90 S. Cascade Ave. was completed in 1990. Currently the tallest building in Colorado Springs, it was known as the Norwest Bank Tower before June 2000, changing its name to the Wells Fargo Tower after the banks merged.

The FirstBank building at 2 N. Cascade Ave. was completed in 1967 and was Colorado Springs’ first high-rise development. At 206 feet tall, it is the city’s second-tallest building. It was known for decades as the Holly Sugar Building, serving as the headquarters for the Holly Sugar Corporation, a beet sugar refinery that operated locally from 1923 until 1997. The building was renamed for the Vanion Corporation in 2001 and has been known as the FirstBank Building since late 2006, when Colorado-based FirstBank purchased naming rights.