Cherry Creek office building sells for $4.7M in Denver

A Cherry Creek Office Building Sells for $4.7 Million

An office building located at 55 Adams St. in Cherry Creek recently sold for $4.7 million, marking its first sale since it was built twenty years ago. The 9,500 square foot building was sold for approximately $491 per square foot and sits on 0.29 acres of land that includes a small parking lot.

The property was purchased by OGRE LLC, a company associated with Westside Investment Partners, a prominent real estate player in the local market. While Westside founder Andy Klein declined to comment on the sale, the firm has been involved in various real estate transactions, including the recent Park Hill Golf Course land swap with the city of Denver.

Phillip Lee, a broker at JLL who represented the buyer, mentioned that the new owner intends to maintain the existing building. The property was previously owned by MidFirst Bank, which acquired it in 2015 through the acquisition of Steele Street Bank & Trust.

Jeff Caldwell of Pinnacle Real Estate, who represented the seller, highlighted the minimal usage of the building by MidFirst over the years. Despite being listed for $5.2 million, the property was sold empty, indicating the continued activity and growth in the Cherry Creek market.