BMC Sells Denver Office Building for $93M

BMC Investments has sold 255 Fillmore, a 100,000-square-foot office building in Denver, within the Cherry Creek neighborhood. A Dallas-based LLC acquired the asset for $92.5 million, according to Denver Business Journal.

Newmark brokered the deal on behalf of the seller, while Lincoln Property Co. served as investment advisor to the buyer. At the time of the transaction, the property was fully leased to multiple office tenants, such as Crusoe and FrontRange Capital Partners, and three retail tenants.

BMC Investment completed the property in 2024, using funds from a $50.9 million construction note originated by FirstBank in April 2022, Yardi Matrix data shows.

Located at 255 Fillmore St., the building is adjacent to Cherry Creek Shopping Center and has access to Interstate 25. Downtown Denver is within 4 miles, while Denver International Airport is some 20 miles away.

The seven-story features about 90,000 square feet of office space and 10,000 square feet of experiential ground-floor retail space, as well as two levels of below-grade parking.

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Newmark Executive Vice Chairs Tim Richey and Alex Foshay, along with Co-Head of U.S. Capital Markets Kevin Shannon, brokered the deal on behalf of the seller.

Cherry Creek is the top-performing office submarket in Denver, with class A vacancy rate at 1.3 percent in the first quarter of this year, according to Newmark Research, outperforming broader office space trends across many U.S. cities. The neighborhood also commanded the highest asking rates in the metro during the same period, clocking in at $72.5 per square foot.

Denver office prices remain below national average

Denver’s office investment volume clocked in at $333 million year-to-date as of April, according to a Yardi Matrix office report. Assets in the market traded for $86 per square foot, well below the $214 national average. This figure was also below other western metros, including Phoenix ($168 per square foot) and San Diego ($206 per square foot).

Back in January, CP Group acquired Denver Place, an 891,505-square-foot office building within the central business district. LBA Realty sold the asset for $47.5 million or about $53 per square foot—well below the market’s average.