BioMed Realty Acquires Boulder's Flatiron Park

BOULDER, CO — BioMed Realty announced Monday that it acquired Boulder's Flatiron Park, a one-million-square-foot business park with 22 buildings devoted to technology and life science businesses.

BioMed Realty is a Blackstone portfolio company and a provider of real estate specifically devoted to the life sciences and technology industries, according to a news release. The company owns and operates 13.7 million square feet of real estate across the U.S. and U.K.

"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."

Part of BioMed Realty's goal with this acquisition is to focus on local community engagement by creating sustainable and flexible work environments, according to the news release. The company will also be contributing to the University of Colorado Boulder’s BioFrontiers Institute, a program that brings together different scientific disciplines to further human health.

"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."

The park was sold to BioMed Realty in a joint effort by Crescent Real Estate, Goldman Sachs Asset Management’s Real Estate Business and Lionstone Investments.

"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," Bergschneider said. "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."