Growing Denver office demand supports Civica Cherry Creek sale
JLL Capital Markets led the sales efforts for the Class AA+ office property in Denver’s top-performing Cherry Creek submarket
DENVER, Oct. 1, 2021 – JLL Capital Markets announced today that it has completed the sale of Civica Cherry Creek, a 116,187-square-foot, Class AA+ office property in Denver, Colorado.
JLL represented the seller, a joint venture between Schnitzer West and institutional investors advised by J.P. Morgan Global Alternatives, and procured the buyer, MetLife Investment Management.
Completed in 2018, Civica Cherry Creek’s building finishes and amenities set a new standard in the market for best-in-class. The state-of-the-art building offers touchless fixtures and efficient HVAC systems that are in line with today’s tenants health and wellness demands. In addition, the LEED Silver-certified building has floor-to-ceiling glass that automatically adjusts to the sun for shade or natural light depending on the time of day. Civica Cherry Creek boasts the largest floorplates of any new construction in Cherry Creek North and offers tenants an unmatched amenity package, including a Great Room with fireside lounge, private wine cellar, secure bike storage, rooftop terrace, building concierge and underground executive parking. The property is 96% leased to 13 tenants across a variety of industries.
Civica Cherry Creek is located at 250 Fillmore St. in the heart of Denver’s Cherry Creek submarket. The property is surrounded by 16 blocks of upscale restaurants and retail shops and close to 2,000 luxury multi-housing units. The Cherry Creek submarket has outperformed the larger Denver market in terms of employment growth and boasts the highest annual wages in all of Colorado for it’s more than 3,900 office employees.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz, Senior Director Peter Merrion and Vice President Phillip Anderson.
“We are incredibly appreciative to have been a part of working on selling this one-of-a-kind building in Denver,” Katz said. “Cherry Creek is one of the best micro-market locations in the United States, and Civica Cherry Creek is the highest-end building in the market. Schnitzer West and J.P. Morgan built a world-class building with the highest end finishes and tenant build out in Denver. There was an unbelievable amount of interest in this opportunity and we look forward to Met Life’s success with their investment.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Schnitzer West, LLC
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development andproperty management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Hold Co LLC.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management.
To date, it has developed or repositioned more than 10.7 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space, mixed-use, and luxury multi-family residential condominiums in Seattle, Portland and Denver. Currently, its Asset Operations group actively manages 2.9 million square feet of office and industrial property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States. Learn more at schnitzerwest.com.
About JP Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $191 billion in assets under management and more than 600 professionals (as of June 30, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: jpmorgan.com/am.