Conscience Bay Company Acquires Seagate Campus in Longmont
Conscience Bay Company (“CBC”) and its partner, Battery Global Advisors (“BGA”), have acquired the Seagate campus — a 533,238-square-foot, state-of-the-art R&D facility situated on 40.5 acres in Longmont — from Seagate Technology Holdings, which leased back the R&D facility for 10 years.
Essex Financial arranged a $58.5 million acquisition loan for the purchase of 389 Disc Drive. The five-year, non-recourse loan has a competitive interest rate on a 30-year amortization.
The Longmont location is home to approximately 950 employees. The campus was originally constructed in 2001 as a build-to-suit for Seagate, and Seagate expanded the building by approximately 83,000 square feet in 2008. The facility features ~137,000 square feet of lab space, ~10,000 square feet of Class 10 cleanroom, Class A office, a fitness center and a full-service cafeteria, and is serviced by nine loading doors on the east side.
Seagate Technology is the leading innovator of mass-capacity data storage solutions. Seagate creates breakthrough technology so you can confidently store your data and easily unlock its value. Founded over 45 years ago, Seagate has shipped over four billion terabytes of data capacity and offers a full portfolio of storage devices, systems, and services from edge to cloud.
“We are in a very challenging capital markets environment, and this sale and loan closing was a big win for both buyer and seller,” said Cooper Williams, president of Essex Financial Group. “This acquisition fits CBC’s long-term objective of owning predictable income-producing assets on large land holdings in Colorado. The lender loved the CBC’s strength and track record in Colorado, combined with the premier R&D location of the asset and tenant strength.”
Essex’s Capital Markets team was led by Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem.
Conscience Bay Company (“CBC”) is a private equity firm based in Boulder, investing in industrial, office, multifamily, land, agricultural, and retail mixed-use assets in the Denver-Boulder area and Colorado’s western slope.