Invesco Real Estate Acquires Pfizer Life Sciences Campus in Boulder

3200 Walnut, Boulder. Photo courtesy of Newmark.

Invesco Real Estate, a global real estate investment manager, has purchased 3200 Walnut – a four-building interconnected campus featuring 151,384 square feet of prime lab and office space in Boulder. The campus, occupied by Pfizer, includes four buildings located at 1825, 1865 and 1885 33rd Street and 3200 Walnut Street.

Newmark Vice Chairman John Jugl represented the seller, Tritower Financial Group, in the transaction to Invesco. A sale price was not disclosed.

“It was exciting to see a preeminent life sciences company such as Pfizer enter the Boulder market through its acquisition of Array Biopharma in 2019. Array is arguably Boulder’s most successful homegrown oncology company and Pfizer intends to support the local scientific talent to enhance their commitment to bringing promising therapies to patients in need,” said Jugl. “We’d like to thank our buyer Invesco Real Estate and the many other investors who took the time to understand both Pfizer as well as Boulder, which is emerging as a primary life science node with an exciting ecosystem of R&D companies.”

The tenant – formerly Array BioPharma, which was acquired by Pfizer in 2019 – has occupied the campus for 19 years. Since first subleasing space from Boulder’s original life science anchor, Amgen, Array BioPharma had forged a lasting presence at 3200 Walnut campus and the Boulder community prior to its acquisition by Pfizer – the fourth largest pharmaceuticals corporation in the world.

“Working with Tritower and Newmark to purchase this quality asset was a pleasure,” said Rob Taylor, director of Acquisitions for the Denver/Boulder markets at Invesco Real Estate. “The Denver metro, and Boulder in particular, are target markets for Invesco and we are very happy to add this exceptionally well-located biotech real estate investment in Central Boulder to ourngrowing portfolio in the region.”

“On behalf of our investors, Tritower is very pleased about this outcome. In addition to our life science assets in Boston and Maryland, we will continue to acquire and create world-class life science properties in Boulder and the Route 36 Corridor,” said Tod Brainard, Chief Investment Officer at Tritower.

The campus features immediate access to the University of Colorado’s (CU) highly recognized Colorado’s East Campus Research facilities. Life science collaborations with top universities are key, offering a reduction in time and costs related to R&D of new drugs and therapies. Pfizer initiated a collaboration with CU to fund research projects for upwards of $500,000 over a two-year time span.

The campus is also surrounded by the most highly educated workforce in the country. 60.8 percent of the Boulder community holds bachelor’s degrees and 37 percent of those diploma holders also hold advanced degrees. Additionally, Boulder County had the largest year-over-year percentage increase in average weekly wages at 18.4 percent from the third quarter of 2018 to the third quarter of 2019.

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