Denver Office Building Civica Cherry Creek Sold for $108 Million
Civica Cherry Creek, a seven-story Denver office building, has sold for $108 million, according to Denver property records. The Cherry Creek North building, located at 250 Fillmore St., was purchased on Sept. 27 by MEC Fillmore Cherry Creek LLC, an entity associated with the institutional asset management business of financial services giant MetLife Inc.
“We’ve long held a favorable view of Denver and the Cherry Creek area in particular,” a MetLife spokesperson said in an emailed statement to Denver Business Journal. “The acquisition of Civica allows us to increase our access to the market’s attractive demographic and employment drivers through what we believe is one of its best-located and highest-quality assets. We believe Civica is a strong addition to our portfolio that will support our ability to meet the objectives of our clients.”
The seller is listed as Civica Office LLC, an entity associated with Schnitzer West, a Seattle-based real estate development & property management firm that also has an office in Denver. A representative for Schnitzer West confirmed the sale.
In July 2016, Schnitzer West broke ground on the boutique office building, according to past DBJ reporting. In total, it is 116,187 square feet and includes an underground parking garage. The firm describes the building on its website as having “spectacular views and [an] expansive rooftop patio.”
The project was first announced in May 2015. Before the building was Civica Cherry Creek, it was actually a few properties — including the Wizard’s Chest toy and costume store, which relocated to South Broadway — that were demolished to make way for the office building. Construction was completed in 2018.
Spaces, a coworking space, Capitol Peak Partners, an investment firm, and Club CiviCO, a leadership forum, list office suites in the building.
Schnitzer West is currently in development on another Denver office building. The Current, River North is a 12-story Class A office building in the River North Art District, according to past DBJ reporting. Schnitzer West and Craft Companies LLC, a Denver-based real estate firm, are the development partners on that 238,000-square-foot building located at 3615 Delgany St. That project broke ground in May. Schnitzer West announced in a news release on Sept. 28 it secured $76.97 million in funding from Canada’s Otera Capital for that project.
Schnitzer West was the No. 22 largest commercial real estate developer in 2020, with 116,000 square feet developed between Jan. 1, 2015, and Jan. 1, 2020, according to DBJ research. The firm did not respond in time to be featured on DBJ’s 2021 list.