BMC Investments Sells Cherry Creek Building For $92.5M
A seven-story, mixed-use building in the heart of Denver’s Cherry Creek North neighborhood sold for $92.5M, according to a warranty deed filed with the city Tuesday.
Local developer BMC Investments sold the 100K SF building at 255 Fillmore St. to a Dallas-based LLC that formed in late May. The entity is tied to Jonathan Perlman, CEO of Tradition Senior Living, according to Colorado Secretary of State documents.
The deal was financed by Bank of Texas, according to an assignment of rents and leases document filed with the city.
BMC began building 225 Fillmore in 2022. At that time, BMC Investments CEO Matt Joblon told Bisnow the speculative project was already 93% leased. Today, the building’s 90K SF office space and 10K SF of retail space are fully leased to multiple office tenants and three restaurant and retail businesses, Newmark said in a statement. Tenants include Crusoe, fitness studio Solidcore and restaurant Le Colonial.
Newmark Executive Vice Chairman Tim Richey represented BMC in the deal. Lincoln Property Co. was an investment adviser for the buyer.
Cherry Creek is a well-performing office submarket, especially with Class-A and trophy office space. The neighborhood’s top-tier vacancy rate was 1.3% in the first quarter of 2026, significantly lower than the Denver metro’s vacancy rate of 31.1%, according to Newmark data.
And Cherry Creek’s office market is expected to continue performing well. The majority of all office projects under construction in the neighborhood are more than 90% preleased, Newmark added.
“The sale of 255 Fillmore demonstrates strong pricing reflective of improving fundamentals and underscores the depth of investor conviction for best-in-class office product, reinforcing Denver’s position as a long-term destination for sophisticated capital,” Richey said in a statement.
BMC has a long track record of developing in Cherry Creek. The company developed 242 Milwaukee St., 205 Detroit St. and 240 S. Paul St., of which the latter two sold in 2019 and 2022, according to BMC’s website. It developed Steele Creek, a 218-unit building at 3222 E. First Ave., which sold for $137.3M earlier this year.
BMC is also under construction on a mixed-use development called Cherry Lane. The project spans nearly a full city block in Cherry Creek North at the northwest corner of East First Avenue and Clayton Lane. When built out, it will include approximately 1.8M SF of office space, about 1,500 multifamily units and nearly 310K SF of retail and restaurant space, according to the project’s website.
BMC is also doing work outside of Colorado. It expanded into Florida last year with a $37M multifamily acquisition.
