BOULDER, Colo.– BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, today announced the acquisition of Flatiron Park located in Boulder, Colorado. The one-million-square-foot, 22-building life science and office campus is currently 90% leased to a mix of industry-leading technology and life science firms. Flatiron Park provides BioMed with the unique opportunity to expand its portfolio beyond its existing core markets and invest in the vibrant, growing, talent-rich community of Boulder.
“With this significant investment in Boulder, we’re delighted to become a part of this innovation-based community,” said Jon Bergschneider, President of West Coast markets at BioMed Realty. “In addition to BioMed’s initial investment, BioMed anticipates investing an additional $200 million in redevelopment costs over time, which is expected to create nearly 400 new local construction jobs. Beyond being a preeminent regional tech and life sciences hub, Boulder is a thriving community that couples innovation with a profound respect for natural resources and sustainable practices. We look forward to joining and supporting the Boulder community by not only providing best-in-class workspaces for companies to continue their life-saving and inventive work, but also by creating strong, long-term relationships with local organizations working to maintain Boulder’s unique identity as a gem in the Rockies.”
BioMed Realty brings its industry-leading expertise in creating sustainable, creative and flexible workspaces that encourage innovation and discovery through thoughtful design and programming to the campus. Additionally, the firm’s experience and track record with community engagement initiatives in its other core markets will enable BioMed to foster engagement with the Boulder community through partnerships and public amenities. BioMed plans to contribute to the University of Colorado Boulder’s BioFrontiers Institute that brings together researchers from the life sciences, physical sciences, computer science and engineering with industry to discover innovative solutions that improve human health.
“Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life science and tech pioneers and great quality of life,” said 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. We welcome the opportunity to contribute to a thriving community whose values directly align with our own.”
Flatiron Park will anchor BioMed Realty’s presence in the Boulder region, which houses one of the most highly educated workforces in the country. The market’s proximity to universities, research institutions and leading venture capital firms makes it a natural hub for innovation, and — coupled with high quality of life and easy access to major outdoor recreation areas — an attractive locale for BioMed’s existing and prospective tenant roster.
The seller was a joint venture of Crescent Real Estate, Goldman Sachs Asset Management’s Real Estate Business and Lionstone Investments. JLL Capital Markets represented the seller in this transaction.
