One of Cherry Creek\u2019s newer office buildings has changed hands for $921 a square foot.<\/p>\n
MEC Fillmore Cherry Creek LLC purchased the seven-story office building at 250 Fillmore St. this week for $108 million, according to public records.<\/p>\n
The buyer lists an office address matching the New Jersey headquarters of Metlife Investment Management.<\/p>\n
The building is 117,235 square feet, according to marketing materials, which makes this week\u2019s sale worth $921 a square foot.<\/p>\n
That appears to be a record for the sale of office space in Denver on a per-square-foot basis, besting the nearly $800 a square foot that the Denver Business Journal reported was paid for VF Corp.\u2019s headquarters building at 1551 Wewatta St. last month.<\/p>\n
In Cherry Creek, the most direct comparison is Financial House, the eight-story office building at 205 Detroit St. that was completed in early 2019. Developers BMC Investments and Bow River Capital sold it later that year for $55 million, or about $750 a square foot.<\/p>\n
Civica Cherry Creek was developed by Seattle-based Schnitzer West, which broke ground in 2016 and completed it in 2018. A local executive didn\u2019t respond to requests for comment.<\/p>\n
JLL brokers Mark Katz and Peter Merion represented the seller, according to marketing materials, which state the building is 96 percent leased to 13 tenants.<\/p>\n
Tenants include coworking firm Spaces, oil and gas firm Prima Exploration and recruiting firm Lucas Group. Marketing materials touted that wealth management firm Brown & Co. agreed to starting rent of $39.50 per square foot annually for the firm\u2019s space on the fourth floor.<\/p>\n
Schnitzer West owns other office properties in Denver, but Civica was the first local project to be developed by the company. Earlier this year, the company broke ground on the 12-story The Current office building at 3615 Delgany St. in RiNo. That project is slated to be completed in March 2023, according to Schnitzer West.<\/p>\n
BMC Investments, meanwhile, just proposed a six-story office building across the street from Civica, on what is currently a parking lot.<\/p>\n
\u201cThere is so much demand for office in Cherry Creek North,\u201d BMC CEO Matt Joblon told BusinessDen earlier this month.<\/p>\n