Sale of Boulder Office/Lab Building Demonstrates Demand for Life Sciences Space
San Fransisco-based Graham Street Realty (GSR), a commercial property investment firm recently sold 2945 Wilderness Place in Boulder, a two-story, Class B office and lab building comprising both traditional office and lab improvements.
“We were able to take advantage of the strong demand for life science properties despite the challenging economic environment,” said David Messing, managing partner at Graham Street Realty.
The property features ample surface parking and is within walking distance of nearby restaurants. This property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for over 20 years while functioning as a life science building. During its ownership, GSR renewed the existing tenant for an additional term.
GSR purchased the asset in February 2019 as a part of a three-property portfolio. The portfolio comprised the properties located at 3005 Center Green Drive, 2945 Wilderness Place, and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space.
The Boulder submarket continues to see high demand for office space and is home to new and expanding companies in the technology, business service, and consumer products industries. The team was able to capitalize on the strong demand for life sciences office spaces, despite a more challenging economic environment as a result of the coronavirus pandemic.
Photo courtesy of GSR