Seattle firm buys building in Boulder

BOULDER – A four-building office complex in East Boulder was purchased by a Seattle-based investment company last month for $18.3 million.

Flatiron Park West, a 166,048-square-foot property located on 9.7 acres at 2425-2555 55th St., was purchased by Washington Capital Management Inc. The prior owner was an investment fund managed by TIAA-CREF.

“We’ve been looking for opportunities in the greater Denver area for some time, and we’re particularly intrigued by Boulder,´ said Cory Carlson, a portfolio manager for Washington Capital Management.

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The Flatiron Park West property was particularly attractive because of its mix of tenants that are likely to remain there for years to come, Carlson said. OPX Biotechnologies Inc. and the Colorado State Public Defender’s Office are tenants.

Carlson also noted that a number of the property’s tenants were startup companies linked to scientific research conducted at the University of Colorado.

Washington Capital Management will own the property through its control of REEF Flatiron LLC. The company’s primary clients are pension funds.

Hunter Barto of Dean Callan & Co. and Joe Heath of Grubb & Ellis Co. are the brokers in charge of leasing the property.