Real Estate & Construction  November 30, 2016

California firm pays $20.4M for Boulder office building

BOULDER – A California real estate investment firm closed last week on the $20.4 million purchase of 5775 Flatiron Parkway in Boulder, a deal that tops a recent sale in Superior as the highest-priced sale of an individual commercial building in Boulder County this year. 

Menlo Equities, based in Palo Alto, bought 5775 Flatiron Parkway, which includes a 96,000-square-foot office building, from Dallas-based Velocis, a real estate investment and management firm that had bought the property for a client for $15.95 million in 2014.

The property is the first in Colorado for Menlo, which owns a portfolio that includes between 6 million and 7 million square feet of commercial property up and down the West Coast, as well Phoenix and Austin, Texas.

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“We’re very excited about it,” Menlo senior vice president Michael Johnston said in a phone interview Wednesday, noting the attractiveness of the Boulder market in particular.

The property is 100 percent leased by three tenants, IHS Markit, Konica Minolta and Vexcel Corp. IHS Markit – formed earlier this year in a merger of Englewood-based IHS Inc. and London-based Markit Ltd. – is the primary tenant and has inked a deal to take over the entire building over the next 18 months as the other two tenants’ leases expire and they move out.

IHS Markit, which is now headquartered in London, provides information and data analysis, as well as other tools and services, to various industries, including the aerospace, energy and financial sectors. It was Markit that based a division in Boulder prior to the merger.

Johnston said IHS Markit has employees in two offices in east Boulder now, and plans to consolidate into the 5775 Flatiron Parkway spot.  Johnston said the company has renovated at least half of the building and plans to renovate the rest to tie in with its creative-office standard. IHS, he said, has made a long-term lease commitment for the entire building, but declined to disclose the exact length of the deal or cost of the renovations.

BOULDER – A California real estate investment firm closed last week on the $20.4 million purchase of 5775 Flatiron Parkway in Boulder, a deal that tops a recent sale in Superior as the highest-priced sale of an individual commercial building in Boulder County this year. 

Menlo Equities, based in Palo Alto, bought 5775 Flatiron Parkway, which includes a 96,000-square-foot office building, from Dallas-based Velocis, a real estate investment and management firm that had bought the property for a client for $15.95 million in 2014.

The property is the…

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