BOULDER — Fast-growing cybersecurity firm LogRhythm Inc. is adding more real estate in Boulder, with another 50 employees expected to come onboard locally this year.
The Boulder-based company, which has space in two buildings on Pearl East Circle, has leased 21,000 square feet at the new building being constructed by W.W. Reynolds Cos. at 4740 Pearl Parkway.
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LogRhythm will take up the entire third floor of the three-story, 61,634-square-foot building that completes buildout of the Pearl East Business Park. Boulder Orthopedics and Mapleton Hill Orthopedics announced last week that they plan to merge and take up the second floor of the building, while a new surgery center will occupy most of the ground floor.
LogRhythm is planning to move in May 1. Chief executive Andy Grolnick said Wednesday that the company’s marketing, finance, human resources and legal departments will be moved to the new building to allow for expansion of customer care, sales, and research and development in LogRhythm’s current buildings.
LogRhythm, founded in 2002, consolidated from a couple of Boulder locations into nearly 40,000 square feet at 4780 Pearl East Circle in 2012. In 2014, the company added another 20,000 square feet next door at 4840 Pearl East Circle. The new building is next door as well and also sits next to the Courtyard hotel at the southeast corner of Pearl and Foothills parkways.
“We’re pretty excited about it,” Grolnick said. “It’s got great views, a modern floorplan and design. … It’s got a lot of natural light. It’s a very environmentally friendly building. We focused a lot on the internal work environment for the employees.”
LogRhythm makes advanced analytics-based software that companies deploy on their networks to look for any sort of nefarious activity that gets through their traditional layers of protection, as well as any fraudulent activity that might be going on internally. The idea is that hackers are continuously getting more sophisticated, and security threats are going to break through companies’ defenses. LogRhythm’s software aims to root those threats out and neutralize them before they become major issues.
The privately held firm doesn’t disclose revenue figures. Coming off of a $40 million equity-funding round in 2014, the company has been frequently mentioned as one of the next Colorado initial public offering candidates. Grolnick declined to discuss that possibility Wednesday.
“We are continuing to grow and evaluating different alternatives on the financing front as we go forward,” Grolnick said.
LogRhythm has grown to more than 500 employees worldwide, with close to 375 in Boulder, Grolnick said. If the company continues its rapid growth, he said it’s possible the company could look for one larger space in Boulder to consolidate once again. But part of the reason for locating on Pearl East Circle in 2012 was the chance to be in an office park where there would be more space to expand.
“This campus approach seems to be working,” he said. “I think we’ll stay on that strategy. The location has worked out really well.”
Commercial space, of course, is at a premium in Boulder.
W.W. Reynolds Cos. broke ground on 4740 Pearl Parkway last spring and has had the two medical tenants onboard since November, with LogRhythm signing a lease not long after that. The developer went through a rezoning process with the city to allow for the medical uses as practices look to get closer to Boulder Community Health’s Foothills campus.
W.W. Reynolds partner Jeff Wingert said there remains only a small amount of square footage on the first floor available for lease.
“We’re working on a couple of leases that will get us 100 percent occupied,” Wingert said.