Graham Street Realty Adds to Boulder Office-Lab Portfolio
“When you think about Boulder's lifestyle attributes, entrepreneurial spirit, and natural beauty, it really feels like an unparalleled place to live and work, and we don't see that changing,” says Jay Snover, a director with Graham Street Realty. “
BOULDER, CO—Graham Street Realty has acquired a three-building office portfolio here that involves nearly 115,000 square feet of leasable office and lab space.
The San Francisco-based commercial real estate firm, which prior to the deal owned one asset in Boulder, acquired 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway office properties. The company also owns four other office properties in the metro Denver area.
The portfolio known as “The Boulder Collection,” was purchased from SteelWave. The transaction closed on February 14th. No financial terms of the transaction were released.
“When you think about Boulder’s lifestyle attributes, entrepreneurial spirit, and natural beauty, it really feels like an unparalleled place to live and work, and we don’t see that changing,” says Jay Snover, a director with Graham Street Realty. “This deal represented a unique opportunity to purchase a collection of institutionally maintained properties that cater to small and large office users as well as lab tenants.”
3005 Center Green Court, known as Plaza III, was built in 1984 and had an 87.5% occupancy rate at the time of purchase. The property features 43,421 rentable square feet, unimpeded views of the Flatirons and covered parking.
2945 Wilderness Place is a two-story, Class B office building that is fully leased to a single biotechnology tenant and has maintained 100% occupancy for more than 20 years.
5665 Flatiron Parkway comprises 40,554 rentable square feet built in 1988 and is prominently located along the main entrance into Flatiron Business Park. It features a well-appointed, double-height lobby, a glass roll-up door, and modernized common areas and landscaping. The property also offers an above-standard parking ratio at 3.6 stalls per 1,000 rentable square feet.
Graham Street Realty states that it plans to continue the prior ownership’s building renovation program and will build out a range of contemporary creative office suites to fill remaining vacancies. Erik Abrahamson of CBRE has been appointed by the ownership to handle leasing of the portfolio.
The firm, founded in 2007, currently holds more than 1.1 million square feet of commercial office space.