Crescent, Goldman Sachs, Lionstone add to Flatiron Park portfolio

BOULDER — Crescent Real Estate, Goldman Sachs and Lionstone have added to their portfolio of buildings in Flatiron Park in east Boulder with the purchase of a two-story office/flex building at 5718 Central Ave.

Using the entity GPIF Flatiron Business Park LLC, the partnership paid $9,975,000 to JTR Land & Cattle Co. Inc., for the property on July 25, according to public records. JTR Land & Cattle constructed the building in 1990 on 2.76 acres.

In March, Crescent, with dual headquarters in Centennial and Fort Worth, Texas, along with New York-based Goldman Sachs Asset Management Private Real Estate, and Lionstone, a private-equity firm in Houston, used the same entity to purchase 22 buildings in the business park in east Boulder for approximately $70 million.

The new owners plan to upgrade the systems and infrastructure, and make cosmetic upgrades to the exterior and interior of the 61,205-square-foot building.

Steve Eaton, senior vice president of Crescent, said that they purchased the building because of its high-quality overall condition, its proximity to other buildings that they own within Flatiron Park and the ability to subdivide the building. Crescent said it continues to see strong demand in east Boulder for larger floor-plate users.

Commercial brokers Jason Kruse and Scot Smith at The Colorado Group handled the transaction.