New Supply Helping to Alleviate Historical Supply-Demand Imbalance in Boulder’s Life Sciences Sector

2300 55th St., Boulder. Credit: CBRE

CordenPharma has leased the entirety of a recently renovated life sciences property in Boulder. The company will occupy 61,117 square feet across both floors at 2300 55th Street.

Built out for advanced technology needs with tech-enabled meeting rooms, 2300 55th Street offers high-end office space and modern laboratory space. CordenPharma will use the facility for client meetings and for engineering and research and development operations. The lease is an expansion of CordenPharma’s operations in the area. The company has other facilities nearby on 55th Street and Sterling Drive.

Blake Harris with CBRE represented the building’s landlord, TriTower Financial Group. TriTower acquired the property in the spring of 2021 and began marketing it for life sciences and advanced technology use. 

“This is an example of a landlord identifying a need in the market for flexible office and lab space and targeting life sciences and advanced technology companies,” said Harris, first vice president with CBRE, specializing in institutional landlord representation for office, technology, and life sciences buildings along US-36 and Boulder.

Erik Abrahamson, Harris’ partner and senior vice president with CBRE’s Life Sciences practice in Boulder, added, “Lab vacancy in Boulder has hovered near zero in recent years, making it hard for life sciences companies to find space. Fortunately, developers launched a series of both new construction and conversion projects in the past two years that are helping to balance the supply and demand imbalance and giving tenants more options.”

Vacancy among lab and good manufacturing practice (GMP) space in Boulder reached 4.2% at the end of the first quarter of 2023, up from just 0.5% a year earlier, according to CBRE research. There were 21 companies looking for a cumulative 800,000 sq. ft. of lab and GMP space across the greater metro Denver region, as of the end of Q1.

CordenPharma is a full-service partner in the cGMP Contract Development & Manufacturing of Active Pharmaceutical Ingredients (APIs), Excipients, Drug Products and Pharma Packaging Services, supporting leading pharmaceutical & biotechnology companies to achieve product success for their patients’ healthier lives.

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