BOULDER, COLO. — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired Flatiron Park, a 1 million-square-foot office and life sciences campus in Boulder, a northwestern suburb of Denver. The sales price was not disclosed, but The Wall Street Journal reports that BioMed Realty paid more than $600 million for the property.
JLL represented the seller, a joint venture between Crescent Real Estate, Goldman Sachs Asset Management and Lionstone Investments, in the transaction. BioMed Realty plans to invest about $200 million in capital improvements to the campus, an endeavor that is expected to create about 400 local construction jobs.
Flatiron Park consists of 22 buildings that were approximately 90 percent leased at the time of sale. The buildings range in size from approximately 15,000 to 133,000 square feet. BioMed officials say that the campus will “anchor” its presence in the greater Denver area, which the company says has an exceptionally talented workforce
“Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life sciences and tech pioneers and great quality of life,” says Mike Ruhl, vice president of leasing at BioMed Realty. “As demand for office and lab space in the region continues to grow, we believe BioMed’s integrated platform and expertise is uniquely suited to support companies as they continue to scale in this key market.”
Specific office and life sciences users at Flatiron Park were not named in the announcement. However, the campus houses several retail tenants, including Ozo Coffee Roastery Café, Upslope Brewing Co., The Corner Boxing Club, Wok to Flatirons Deli and A Spice of Life Catering + Events. In addition, the park connects to some of Boulder’s various walking and biking trails.
BioMed plans to contribute to the University of Colorado Boulder’s BioFrontiers Institute, which brings together researchers from the life sciences, physical sciences, computer science and engineering industries to discover innovative solutions that improve human health.
— Taylor Williams