The office building at 131 Madison St. has sold to UCHealth, whose Cherry Creek Medical Center is nearby. (Courtesy Malman Commercial Real Estate)
One of Colorado’s largest employers is expanding its portfolio in one of the state’s hottest real estate markets.
UCHealth, the health care system affiliated with the University of Colorado, purchased the roughly 5,700-square-foot office building at 131 N. Madison St. in Cherry Creek for $3.12 million, records show. The deal works out to $547 per square foot.
It is the system’s third purchase on Madison Street in the past five years.
A spokeswoman for UCHealth said it doesn’t have specific plans yet for the property.
The three-story structure was built in 1980 and purchased by the seller, Houston-based Arch-Con Corp., in 2021 for $1.75 million, or $307 a square foot. Jake Malman, managing broker for Malman Commercial Real Estate, said that Arch-Con renovated the building during its ownership, but decided it was too big for the firm.
The property was on the market for only a few months before it sold.
“At the time it was listed there were only two buildings listed in Cherry Creek North … (it’s) probably the hottest submarket in the state. We knew it would go quickly,” Malman said.
“We always thought this property was suitable for them,” he added, referring to UCHealth.
That’s because the health care system has a number of other holdings in the area.
To the west is the UCHealth Medical Center, which the health care giant opened at the corner of Cook Street and 1st Avenue in 2020. And the system also owns 115 and 123 Madison St., two smaller retail and office buildings that it bought for a combined $6.08 million in 2018 and 2019.
That gives UCHealth about two-thirds of an acre in total if the system wants to redevelop the three Madison Street parcels in the future.
The office building at 131 Madison St. has sold to UCHealth, whose Cherry Creek Medical Center is nearby. (Courtesy Malman Commercial Real Estate)
One of Colorado’s largest employers is expanding its portfolio in one of the state’s hottest real estate markets.
UCHealth, the health care system affiliated with the University of Colorado, purchased the roughly 5,700-square-foot office building at 131 N. Madison St. in Cherry Creek for $3.12 million, records show. The deal works out to $547 per square foot.
It is the system’s third purchase on Madison Street in the past five years.
A spokeswoman for UCHealth said it doesn’t have specific plans yet for the property.
The three-story structure was built in 1980 and purchased by the seller, Houston-based Arch-Con Corp., in 2021 for $1.75 million, or $307 a square foot. Jake Malman, managing broker for Malman Commercial Real Estate, said that Arch-Con renovated the building during its ownership, but decided it was too big for the firm.
The property was on the market for only a few months before it sold.
“At the time it was listed there were only two buildings listed in Cherry Creek North … (it’s) probably the hottest submarket in the state. We knew it would go quickly,” Malman said.
“We always thought this property was suitable for them,” he added, referring to UCHealth.
That’s because the health care system has a number of other holdings in the area.
To the west is the UCHealth Medical Center, which the health care giant opened at the corner of Cook Street and 1st Avenue in 2020. And the system also owns 115 and 123 Madison St., two smaller retail and office buildings that it bought for a combined $6.08 million in 2018 and 2019.
That gives UCHealth about two-thirds of an acre in total if the system wants to redevelop the three Madison Street parcels in the future.
