Graham Street Realty Acquires Three-Building Boulder Office Portfolio
BOULDER, CO – Feb. 17, 2019 – San Francisco-based commercial real estate firm Graham Street Realty (GSR) has acquired a three-building Boulder, Colorado office portfolio comprising the properties located at 3005 Center Green Drive, 2945 Wilderness Place, and 5665 Flatiron Parkway. The portfolio, or “The Boulder Collection,” was purchased from SteelWave, and the buildings total 114,862 square feet of leasable office and lab space. The deal closed on Thursday, February 14th.
The acquisition brings the firm’s commercial office assets to a total of four buildings in the Boulder market in addition to four buildings located across the Metro Denver area. The Boulder submarket continues to see high demand for office space and is home to new and expanding companies in the technology, business service, and consumer products industries.
“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,” said 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 comprising both traditional office and lab improvements. It features ample surface parking and is within walking distance of nearby restaurants. This property is fully leased to a single biotechnology tenant and has maintained 100% occupancy for over 20 years while functioning as a life science building.
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.
The Graham Street Realty team 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 with CBRE has been appointed by ownership to handle leasing.
ABOUT GRAHAM STREET REALTY
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. It currently holds more than 1.1 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.