The building at 3200 E. Cherry Creek South Drive in Denver in 2020. (BusinessDen file)
Five years ago, Brad Cummings bought the 1980s Citadel office building in Cherry Creek at a loss for the seller.
Last week, he sold it for a profit.
Zurich Alternative Asset Management, a subsidiary of Swiss firm Zurich Insurance Group purchased the 7-story, 131,000-square-foot building at 3200 E. Cherry Creek South Drive for $52 million.
Cummings, through his firm Matador Equity Partners, paid $33 million for it in May 2020.
Neither Zurich nor Cummings responded to a request for comment Friday. The deal went for $398 per square foot.
The building on the outskirts of Cherry Creek is home to at least one corporate headquarters. BusinessDen reported last year that Tract, a developer of infrastructure for data center campuses, leased 21,000 square feet across two floors.
The website for the property doesn’t show any availability.
Zurich is a global firm with offices across the country, including Greenwood Village. The business reported a $4.2 billion profit in the first half of the year, a company record. It has over $1.3 billion in investment property.
Matador Equity Partners, meanwhile, doesn’t have much of a public profile. Cummings, a former senior director with CBRE Global Investors, told BusinessDen in 2019 that he buys office and industrial assets in California and Colorado. That was back when his firm purchased the tallest building in Glendale, the 20-story Elevate office tower at 4100 E. Mississippi Ave.
He still owns that, as well as the Centerra building at 1873 S. Bellaire St.
The building at 3200 E. Cherry Creek South Drive in Denver in 2020. (BusinessDen file)
Five years ago, Brad Cummings bought the 1980s Citadel office building in Cherry Creek at a loss for the seller.
Last week, he sold it for a profit.
Zurich Alternative Asset Management, a subsidiary of Swiss firm Zurich Insurance Group purchased the 7-story, 131,000-square-foot building at 3200 E. Cherry Creek South Drive for $52 million.
Cummings, through his firm Matador Equity Partners, paid $33 million for it in May 2020.
Neither Zurich nor Cummings responded to a request for comment Friday. The deal went for $398 per square foot.
The building on the outskirts of Cherry Creek is home to at least one corporate headquarters. BusinessDen reported last year that Tract, a developer of infrastructure for data center campuses, leased 21,000 square feet across two floors.
The website for the property doesn’t show any availability.
Zurich is a global firm with offices across the country, including Greenwood Village. The business reported a $4.2 billion profit in the first half of the year, a company record. It has over $1.3 billion in investment property.
Matador Equity Partners, meanwhile, doesn’t have much of a public profile. Cummings, a former senior director with CBRE Global Investors, told BusinessDen in 2019 that he buys office and industrial assets in California and Colorado. That was back when his firm purchased the tallest building in Glendale, the 20-story Elevate office tower at 4100 E. Mississippi Ave.
He still owns that, as well as the Centerra building at 1873 S. Bellaire St.
