Developer behind record Cherry Creek sale plans second office project nearby

Denver to build another Cherry Creek office building

The Civica Cherry Creek office building at 250 Fillmore St. sold for $108 million, a new Denver record for price per square foot. (BusinessDen file photo)

Schnitzer West wants to follow up on the success of Civica Cherry Creek.

The Seattle-based developer of the office building at 250 Fillmore St., which set a Denver record for price per square foot when it sold last year, has proposed a second office project on the same block.

The company submitted plans to the city last week calling for an eight-story building at 201 Fillmore St., a 0.52-acre site at the northwest corner of 2nd Avenue and Fillmore Street.

The structure would be approximately 140,000 square feet, with retail space on the ground floor and office space above. It would incorporate 298 parking spaces, according to the plans, which bear the logo of Goettsch Partners.

Goettsch also worked on the 1900 Lawrence office building, which Chicago-based Riverside Investment & Development Co. is currently constructing downtown.

The Cherry Creek property is currently home to a retail building whose tenants include stationery store Paper Source and suit purveyor Men’s Wearhouse, as well as some surface parking spaces.

201 Fillmore

The building currently at 201 Fillmore St. is home to several retail tenants, including Men’s Wearhouse. (Photo courtesy of Google Street View)

Schnitzer West Development Manager Kyle Flippen said the company is under contract to purchase the site. It’s currently owned by 201 Fillmore LLC, an entity affiliated with A. Barry Hirschfeld.

“Schnitzer West had an exceptional experience developing Civica Cherry Creek and we are excited about the opportunity to expand our footprint by adding a best-in-class office building to the vibrant Cherry Creek North neighborhood,” Flippen said in an email.

Flippen said the company hopes to break ground in the second quarter of 2023, and complete the project two years later.

Office leasing and development activity in Cherry Creek has stayed strong despite the coronavirus pandemic. Matt Joblon’s BMC Investments is currently building a seven-story office project immediately north of Schnitzer West’s latest development site; committed tenants include a bitcoin-minded energy firm and French-Vietnamese restaurant Le Colonial. Two blocks away, Broe Real Estate Group is constructing the eight-story 200 Clayton office project, where rail company OmniTrax will take space.

Schnitzer West’s sale of Civica last year for $108 million, or $921 a square foot, also speaks to the strength of the market.

Schnitzer West’s interest in the Denver market isn’t confined to Cherry Creek. The company is also building a 12-story building off Brighton Boulevard in RiNo, and has secured law firm Moye White as a tenant. Late last year, the company also purchased three office buildings and some developable land in the Denver Tech Center from notable local developer John Madden.

Denver to build another Cherry Creek office building

Denver to build another Cherry Creek office building

The Civica Cherry Creek office building at 250 Fillmore St. sold for $108 million, a new Denver record for price per square foot. (BusinessDen file photo)

“Schnitzer West had an exceptional experience developing Civica Cherry Creek,” said an exec. The firm wants to add an eight-story building at 201 Fillmore St.

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