"They're pretty significant leases for a biotech company," Tom Grotewold, a broker with Bitzer Real Estate Partners of Denver, CORFAC International, tells GlobeSt.com. "A 10-year lease is a pretty big commitment for a biotech company."
The company will invest between $250 per sf to $300 per sf to build a high-end laboratory in the already finished space, he says.
Prolilgo/Degussa, based in Boulder, is owned by a $13-billion German company, he says.
"The value of the improvements will be more than what the buildings are worth," he tells GlobeSt.com. He estimates the value of the 10-year leases to be in the $7-million to $8-million range.
In addition to Grotewold, Jeni DeBrine represented W.W. Reynolds in-house and Steve Chrisman of Chrisman Commercial dealt for Crestview LLC.
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