JLL closes sale of Flatiron Park in Boulder, Colorado

Rhea-AI Summary

JLL has announced the record-setting sale of Flatiron Park, a life sciences and office campus in Boulder, Colorado, covering one million square feet. Sold to BioMed Realty, a Blackstone company, the transaction is noted as the largest single asset sale in Colorado history. The property is 90% leased to leading firms in technology and life sciences, featuring amenities like an on-site gym and restaurants. The campus's location near the University of Colorado Boulder provides access to a highly educated workforce, enhancing its appeal for future growth.

Positive

• Sale of Flatiron Park is the largest single asset sale in Colorado history.
• Campus is 90% leased, indicating strong demand and stable income.
• Situated near a highly educated workforce and top universities, enhancing investment potential.

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• None.

The sale of Flatiron Park represents the largest single asset sale in Colorado history

DENVER, Apr. 6, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it has closed the record-setting sale of Flatiron Park, a 22-building life sciences and office campus totaling one million square feet in Boulder, Colorado.

JLL worked on behalf of the seller, a joint venture between Crescent Real Estate, the Real Estate business of Goldman Sachs Asset Management and Lionstone Investments. BioMed Realty, a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, purchased the asset. The sale represents the largest single asset sale in Colorado's history.

Flatiron Park comprises biomanufacturing, research & development and creative office space that is currently 90% leased to a mix of industry-leading technology and life sciences firms. The property also boasts in-demand tenant amenities, including an on-site gym, numerous restaurants and a food truck court.

Its location in the Boulder area and near the University of Colorado Boulder allows the property to draw from one of the most highly educated workforces in the country. In addition to the robust pipeline of skilled labor, Boulder offers companies a well-established ecosystem of best-in-class universities and public institutions and an ease of recruitment due to its renowned quality of life.

The JLL Capital Markets team representing the seller was led by Mark Katz, Peter Merrion and Hilary Barnett and supported by Phillip Anderson and Kelly Kramer.  

"BioMed's acquisition of Flatiron Park will greatly benefit the rising life sciences ecosystem in Colorado," Katz said. "BioMed is one of the top life sciences and technology real estate companies in the world and we are unbelievably excited to see where they will take this project."

The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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 www.crescent.com.

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), the company delivers investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from its 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 their clients' performance, Goldman seeks 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. The 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 Goldman on LinkedIn.

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: LionstoneInvestments.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 JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Connect with us: 
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Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 848 1572
Email:  Kristen.Murphy@am.jll.com

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SOURCE JLL

FAQ

What was the significance of the Flatiron Park sale by JLL?

The sale marked the largest single asset sale in Colorado's history, demonstrating a significant milestone in the real estate market.

Who purchased Flatiron Park from JLL?

Flatiron Park was purchased by BioMed Realty, a company within the Blackstone portfolio.

What type of property is Flatiron Park?

Flatiron Park is a life sciences and office campus comprising 22 buildings totaling one million square feet.

What percentage of Flatiron Park is currently leased?

Flatiron Park is currently 90% leased to industry-leading technology and life sciences firms.

How does the location of Flatiron Park benefit its value?

Its proximity to the University of Colorado Boulder provides access to a highly educated workforce, enhancing recruitment and operational success.