Boulder Office Building Sells for Just Shy of $10M
An investment partnership led by Element Properties, a Boulder-based real estate developer and investor, has sold View 57 for $9,950,000 or approximately $327 per square foot. The 30,464-square-foot office building located at 1855 S. 57th Court in Boulder was purchased by McGarvey’s Shoal LLC.
“View 57 is a 100 precent leased, newly transformed creative office building located in Boulder’s highly coveted Flatiron Business Park, Boulder’s most established business park located in East Boulder,” noted Newmark Knight Frank Capital Markets Western Region Vice Chairman John Jugl, who led the team providing exclusive marketing services for the seller, 57th Element, LLC.
“View 57 is a great example of Element’s ability to acquire, renovate, reposition, and stabilize an asset in a great location” stated Element Properties Principal and Director of Development Catherine Bean. “Major draws include an updated lobby and common areas incorporating sophisticated modern finishes, stunning Flatiron views and a surrounding area including some of the nation’s most prestigious and newly founded tech companies,” Jugl continued. “These foundations will allow the new owner, GEM Land Company, to retain and attract sought-after tenants such as Canvas Technology, an Amazon-acquired company, which leases nearly a third of View 57.”
View 57 has been tastefully reconditioned to attract Boulder’s best tenants looking for a first-class creative office environment in Flatiron Business Park. Originally an R&D lab facility, View 57 has been completely redesigned into a boutique, creative office project that includes a newly renovated lobby, an overhaul of the exterior, 11’-12’ exposed ceilings, updated HVAC systems, addition of windows and showers and lockers on both floors.
The creative office property’s location at the southern end of the business park provides great views of the Flatirons and close proximity to the services and amenities available to tenants and visitors. “View 57’s profile creates an attractive opportunity for GEM Land company to own a fully stabilized boutique creative office asset with minimal costs in Boulder’s most prominent commercial complex,” concluded Jugl.