For the first time in decades, a bank doesn’t own 5700 DTC Parkway in Greenwood Village.
Last week, Cherry Hills Village resident Craig Clark bought the 52,000-square-foot building on 4.9 acres from Wells Fargo, the San Francisco, California-based banking giant. He paid $2.2 million, according to public records.
The 2-story Denver Tech Center structure, built in 1974, has housed office workers for multiple bank brands. It was once owned by the United Bank of Denver, property records show. Parent company United Banks of Colorado was acquired in 1991 by Norwest Corp., which merged with Wells Fargo in 1998.
“I’m pretty sure the bank built it,” Clark said.
A spokeswoman for Wells Fargo said in a statement that the company “continues to modernize and streamline our office real estate footprint.” JLL brokers Larry Thiel and Sean Whitney marketed the property for sale.
Clark said Wells Fargo is leasing the building back until March 2027, giving him a year to determine the property’s future.
“During that time, we are able to show it, come up with our development plans, etc.,” he said.
Clark said he believes he got the building for less than the value of the land, seemingly because office space isn’t in high demand right now.
“Itap the weirdest thing — because itap office, itap less than the dirt cost,” he said.
Clark plans to talk to nearby companies that might want some or all of it for their headquarters. He said he could also see it as a charter school or as a storage facility for high-end cars.
“It would be the premiere location for people living in Cherry Hills Village or Greenwood Village,” he said.
The existing zoning allows many options, Clark said, including residential use or even light industrial.
Clark knows other parties were interested, including multifamily developers. But he said they wanted their deal to be contingent on getting approval for their project from the southern suburb, which is often skeptical of high-density residential.
Clark’s purchase comes on the heels of an even bigger one. At the end of December, he led an investor group that bought the Trinity Place office tower at 1801 Broadway in downtown Denver for $6 million.
Clark, who has a law degree, owns an e-commerce company and serves in the Marine Corps Reserve, has a 35-employee company called Homeland that manages his commercial real estate portfolio. The deal for 5700 DTC Parkway brings his portfolio to 1 million square feet. It was half that at the start of 2025.
Read more from our partner, .
