Elevations Credit Union paid $16.5M for Staples’ office building

BROOMFIELD — Office-supply chain Staples has sold its four-story corporate office building in Broomfield for $16.5 million to Boulder-based Elevations Credit Union.

According to public records, Staples Contract and Commercial Inc., sold its 149,038-square-foot building and 17.6 acres at 1 Environmental Way in the Interlocken business park to One Environmental Way LLC, an entity created by Elevations.

The building will provide additional administrative support space as the organization grows across the Front Range, according to a spokesman for the credit union. He said Elevations will maintain its headquarters in Boulder.

The building is the former headquarters for Corporate Express, which Staples acquired in 2008.

In March, Framingham, Mass.-based Staples reported a $548 million loss and a 3 percent drop in sales in its fiscal fourth quarter that ended in January.

Those results prompted Staples to say it would close 70 more stores, or 4.5 percent of its 1,600 remaining locations, during the current fiscal year. It closed 48 stores last year and has shuttered about 350 stores over the last five years.

A spokesman for Staples on Tuesday said the sale of the building was “unrelated to the recently announced earnings results.”

He said while the facility has been home to Staples associates since the company’s acquisition of Corporate Express in 2008, it no longer meets the company’s business needs.

“Staples will be relocating its associates to a nearby facility in Westminster,” he said. “As of now, no jobs will be affected by this change. Throughout the process we will be communicating closely with our associates, as their well-being is extremely important to us, and we depend on them to help Staples deliver value for our customers.” 

The spokesman said Staples is not disclosing the location in Westminster at this time.

Editor’s note: This story was first published Tuesday, May 16, but did not include who the buyer was.

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