Key facts
- SM Energy is expanding its lease at the Wells Fargo Center in Denver by approximately 50,000 square feet.
- The oil and gas company now occupies about 124,000 square feet across five floors.
- This marks SM Energy's second lease expansion at the building in 11 months.
- The Wells Fargo Center is currently 67% occupied.
- The building was placed in receivership in August 2023 and its valuation has significantly decreased.
SM Energy is expanding its office footprint in Denver's Wells Fargo Center, commonly known as the "Cash Register Building," by approximately 50,000 square feet. This expansion brings the oil and gas company's total occupancy in the 52-story skyscraper to about 124,000 square feet across five floors.
This is SM Energy's second expansion at the building within the last 11 months. The company previously added 14,000 square feet in August after acquiring XCL Resources LLC for over $2.5 billion. The latest expansion follows SM Energy's merger with Denver-based Civitas Resources, which closed in late January. The Wells Fargo Center was selected as the preferred location for consolidation.
The 1.2 million-square-foot office tower is currently 67% occupied. Other tenants include WeWork, HydroBio, Fieldwork Denver, and Spencer Fane. Denver's office market is showing signs of stabilization, with tenants taking more space than they relinquished in the last quarter, though vacancy rates remain between 26.6% and 28.7%.
The Wells Fargo Center has faced financial challenges, including being placed in receivership in August 2023 after its previous owner failed to pay off a $327 million loan. The building's valuation has dropped significantly, being reappraised at $115 million in 2025, a 76% decrease from its 2019 valuation.