In an effort to expand its portfolio beyond its existing core markets, BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, has acquired Flatiron Park in Boulder. The one-million-square-foot, 22-building life science and office campus is currently 90 percent leased to a mix of industry-leading technology and life science firms. The seller was a joint venture of Crescent Real Estate, Goldman Sachs Asset Management’s Real Estate Business and Lionstone Investments. A sales price was not disclosed, but The Wall Street Journal reports that BioMed Realty paid more than $600 million for the property.
“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 which 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.”
BioMed Realty currently owns and operates more than 13.7 million square feet of high-quality lab, technology and office real estate across seven leading markets in the United States and the United Kingdom.