A five-story medical office pavilion next to Saint Joseph Hospital in Uptown Denver just traded hands, with the modern outpatient hub selling for roughly $44.5 million. The contemporary building, finished in 2020 and spanning about 99,500 square feet, was developed by Fidelis Healthcare Partners and is now in the portfolio of a partnership between Lincoln Property Company and PGIM. The deal adds another institutional purchase to the growing cluster of hospital-adjacent medical office properties in Denver’s Uptown Medical District.
According to The Denver Post, public records show the property at 1818 N. Ogden St. closed on March 6 for $44.5 million, with Fidelis Healthcare Partners listed as the seller. The price comes out to roughly $447 per square foot, based on the recorded figures.
What the buyers bought
CBRE describes the Saint Joseph Medical Pavilion as a five-story outpatient medical building of about 99,505 square feet that blends clinical space with ground-floor retail at 1818 N. Ogden St. The marketing notes that physician groups primarily occupy floors two through four, and it highlights tenant-friendly perks such as a rooftop common area and dedicated patient parking.
Financing, the ground lease and buyer comments
Public records and buyer statements indicate the new ownership group obtained a $125 million loan from BMO Bank in connection with the purchase, and the deal did not include the underlying land. Intermountain Health owns that parcel, and Fidelis entered into a 70-year ground lease in 2018, according to The Denver Post. In a statement to the paper, Soultana Reigle said, "medical outpatient is a needs-based, high-conviction sector for us, benefiting from powerful demographic trends, structural shifts in how care is delivered, and natural supply constraints."
Leases and operations
CBRE materials indicate many tenants occupy space on triple-net leases that include contractual rent bumps averaging about 3 percent annually. Those documents also note that Intermountain initially leased roughly 26 percent of the building and expanded its footprint in 2024, while the remaining suites are filled by physician groups in specialties such as pediatrics, audiology, and dentistry.
