Cherry Creek office building at 3200 E. Cherry Creek sells for big gain

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.

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