Denver development firm L.C. Fulenwider paid $18.1 million for the building at 270 St. Paul St. in Cherry Creek. (Matthew Geiger photos)
L.C. Fulenwider has purchased a building in Cherry Creek and will move its office there after decades downtown.
The Denver development firm paid $18.1 million on Friday for the building at 270 St. Paul St., according to public records.
The structure is about 21,000 square feet, making the deal worth about $861 a square foot. The building has retail space on the ground floor and office space above. Tenants include men’s clothing store Andrisen Morton.
Fulenwider President Ferd Belz told BusinessDen the building’s third floor is vacant and the company plans to move in, although that shift likely won’t take place before late 2023.
“We’ve been looking for opportunities in Cherry Creek for some time,” Belz said.
Fulenwider has had its offices at 1125 17th St. since 1979, when the company finished developing the 25-story office tower. The company sold the building decades ago.
Belz said the company has about 6,800 square feet in the building, and the third floor at 270 St. Paul happens to be about 6,700 square feet.
Cherry Creek has seen a boom in office leasing activity since the coronavirus pandemic began and reduced the number of workers downtown. Belz said the firm has “nothing against downtown,” but sees Cherry Creek as a “solid market” that is “going to continue to be solid.”
L.C. Fulenwider plans to move into the 6,700-square-foot third floor in 2023.
“I don’t think we thought of this as a philosophical change,” he said.
On a more practical level, he noted that Fulenwider family members — CEO Cal Fulenwider is the third generation to run the company — live nearby.
“Most of them could probably walk to it,” he said of the new building.
The St. Paul building, which dates to 1998, was sold by the firm that developed it, Denver-based PaulsCorp.
NAI Shames Makovsky brokers Evan Makovsky, Dorit Fischer and Hayden Hirschfeld represented Fulenwider. CBRE brokers Jenny Knowlton, Tim Richey, Charley Will and Chad Flynn represented the seller.
In March, Fulenwider sold 260 undeveloped acres in Aurora near Denver International Airport to Microsoft for $63.5 million. Belz said Microsoft plans to build data centers at the site.
Fulenwider still has significant land holdings near the airport. It’s developing Denali Logistics Park with Houston-based Hines and the master-planned Reunion neighborhood with Oakwood Homes. The firm is also developing the transit-oriented Pena Station Next project.
The sale of 270 St. Paul St. comes on the heels of the adjacent office building at 240 St. Paul St. Denver-based BMC Investments completed that building last year and sold the building in June to Denver-based Gart Properties, which will move its headquarters there from a block away.
Denver development firm L.C. Fulenwider paid $18.1 million for the building at 270 St. Paul St. in Cherry Creek. (Matthew Geiger photos)
L.C. Fulenwider has purchased a building in Cherry Creek and will move its office there after decades downtown.
The Denver development firm paid $18.1 million on Friday for the building at 270 St. Paul St., according to public records.
The structure is about 21,000 square feet, making the deal worth about $861 a square foot. The building has retail space on the ground floor and office space above. Tenants include men’s clothing store Andrisen Morton.
Fulenwider President Ferd Belz told BusinessDen the building’s third floor is vacant and the company plans to move in, although that shift likely won’t take place before late 2023.
“We’ve been looking for opportunities in Cherry Creek for some time,” Belz said.
Fulenwider has had its offices at 1125 17th St. since 1979, when the company finished developing the 25-story office tower. The company sold the building decades ago.
Belz said the company has about 6,800 square feet in the building, and the third floor at 270 St. Paul happens to be about 6,700 square feet.
Cherry Creek has seen a boom in office leasing activity since the coronavirus pandemic began and reduced the number of workers downtown. Belz said the firm has “nothing against downtown,” but sees Cherry Creek as a “solid market” that is “going to continue to be solid.”
L.C. Fulenwider plans to move into the 6,700-square-foot third floor in 2023.
“I don’t think we thought of this as a philosophical change,” he said.
On a more practical level, he noted that Fulenwider family members — CEO Cal Fulenwider is the third generation to run the company — live nearby.
“Most of them could probably walk to it,” he said of the new building.
The St. Paul building, which dates to 1998, was sold by the firm that developed it, Denver-based PaulsCorp.
NAI Shames Makovsky brokers Evan Makovsky, Dorit Fischer and Hayden Hirschfeld represented Fulenwider. CBRE brokers Jenny Knowlton, Tim Richey, Charley Will and Chad Flynn represented the seller.
In March, Fulenwider sold 260 undeveloped acres in Aurora near Denver International Airport to Microsoft for $63.5 million. Belz said Microsoft plans to build data centers at the site.
Fulenwider still has significant land holdings near the airport. It’s developing Denali Logistics Park with Houston-based Hines and the master-planned Reunion neighborhood with Oakwood Homes. The firm is also developing the transit-oriented Pena Station Next project.
The sale of 270 St. Paul St. comes on the heels of the adjacent office building at 240 St. Paul St. Denver-based BMC Investments completed that building last year and sold the building in June to Denver-based Gart Properties, which will move its headquarters there from a block away.
