Flatiron Park to anchor BioMed’s presence in thriving Boulder innovation ecosystem
BOULDER, Colo.–(BUSINESS WIRE)–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.
BioMed Realty 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. To learn more about BioMed’s core markets and global expertise, visit biomedrealty.com.
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 13.7 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3.5 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.
About Goldman Sachs Asset Management Real Estate
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of December 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in assets invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.
About Crescent
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion. Through the GP Invitation Fund I, GP Invitation Fund II, and GP Invitation Fund III, the company acquires, develops, and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, life science, multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle leader, Canyon Ranch®. For more information, visit crescent.com.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to strategically pinpoint the locations where innovation, economic vitality, and productivity intersect to create sustainable and vibrant communities — Places for Productive People.® Generating smart insight via sophisticated analytic tools, Lionstone is able to identify the highest concentrations of growth and productivity in the U.S. economy. This unique approach finds durable growth and resilient income in a rapidly evolving world. Lionstone Investments is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. Please visit our website at: LionstoneInvestments.com.
Contacts
Media:
Maria Huntalas
Senior Director, Corporate Communications
858-207-5859
maria.huntalas@biomedrealty.com
