The City of Denver plans to buy the Denver Post building on the edge of downtown for $88.5 million. The city currently subleases extensive space in the downtown building and has since 2016. The city leases take up five floors of the building — or nearly 145,000 square feet — and cost $5 million annually. Roughly 600 city employees work at The Denver Post building today.

The city has an agreement with New York-based American Properties, to purchase the building at 101 W. Colfax Ave. The purchase of the building will be funded by a certificate of participation. Documents presented to the City Council Committee state that annual revenue from the current master lease would cover payments.

The 11-story building was last sold in 2006, the same year it was built, for $93.42 million. The 340,538-square-foot building has 303,733 rentable square feet and a 635-space parking garage.