One of Cherry Creek’s new office buildings has changed hands for $921 per square foot.
MEC Fillmore Cherry Creek LLC purchased a seven-story office building at 250 Fillmore St. for $108 million this week, according to public records.
The buyer lists the office address that corresponds to MetLife Investment Management’s New Jersey headquarters.
According to marketing materials, the building is 117,235 square feet, making this week’s sales of $921 per square foot.
This appears to be a record for sales of office space in Denver on a per-square-foot basis, which were paid approximately $800 per square foot, as reported by the Denver Business Journal, which VF Corp. at 1551 Wevata St. was paid for the headquarters building. . last month.
In Cherry Creek, the most direct comparison is the Financial House, an eight-story office building at 205 Detroit St., completed in early 2019. Square feet.
Civica Cherry Creek was developed by Seattle-based Schnitzer West, which broke ground in 2016 and completed it in 2018. A local executive did not respond to requests for comment.
JLL brokers Mark Katz and Peter Merion represented the seller, according to marketing materials, which reveal that 96 percent of the building is leased to 13 tenants.
Tenants include peering firm Space, oil and gas firm Prima Exploration and recruitment firm Lucas Group. The marketing materials said wealth management firm Brown & Co agreed to a starting rent of $39.50 per square foot annually for the firm’s space on the fourth floor.
Schnitzer owns other office properties in West Denver, but Civica was the first local project to be developed by the company. Earlier this year, the company laid the foundation stone for the 12-story The Current Office Building at 3615 Delgany St. in Rino. According to Schnitzer West, the project is expected to be completed in March 2023.
Meanwhile, BMC Investments proposed a six-storey office building across the road from the Civic, which is currently a parking lot.
“There is a lot of office demand in Cherry Creek North,” BMC CEO Matt Joblon told BusinessDay earlier this month.