Goldman Sachs, Lionstone join Crescent in acquiring property in Flatiron Park

BOULDER — Goldman Sachs and Lionstone Investments have partnered with Crescent Real Estate to acquire 22 properties in Flatiron Park in east Boulder for approximately $170 million, according to public records.

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, earlier this month purchased 18 properties from Goff Capital Partners and four from Tom and Gloria Stewart that are in the business park, according to Boulder County public records.

In July of last year, Fort Worth real estate investor John Goff and partners merged operations of two real estate firms — Crescent Real Estate Holdings and Goff Capital Partners — to form Crescent Real Estate LLC.

Crescent, Goldman Sachs and Lionstone used the entity GPIF Flatiron Business Park LLC to buy the properties from Goff Capital Partners. Crescent is the general partner, and Goldman Sachs and Lionstone are limited partners, said Conrad Suszynski, co-CEO of Crescent Real Estate, who maintains his office in Centennial.

In 2011, Goff Capital Partners used the entity Flatiron Investments LLC when it paid $67.8 million to acquire 19 properties in Flatiron Park in 2011. Suszynski said Goff Capital had sold two of those properties prior to this latest deal.

“This property has performed very well, and we have made significant capital investments in it,” Suszynski said. “This deal is a way to recapitalize our ownership.”

Established in 2001, the Park is a 200-acre master planned business park comprised of 52 buildings totaling 2.3 million rentable square feet. The properties acquired include a total of 859,158 square feet of office space.

“Flatiron Park is a compelling mix of durable, in-place cash flow with the opportunity for ground-up development in a supply-constrained market,” states Jane Page, CEO of Lionstone Investments. “The highly connected location and Crescent’s innovative repositioning of the Park to date have created an ideal environment for Boulder’s most productive people.”

The park has more than 100 companies across diversified industries with a high concentration of technology-related firms. It has amenities that include food trucks, a coffee shop, craft brewery, boxing gym, and Pilates studio.

“We are excited to continue the transformation of Flatiron Park into a true creative hub for the community’s innovative tenants who seek a differentiated experience relative to downtown Boulder,” notes Joseph Sumberg, managing director in GSAM Private Real Estate.

Editor’s note: This story was updated April 3 to include comments from Goldman Sachs and Lionstone.

 

BOULDER — Goldman Sachs and Lionstone Investments have partnered with Crescent Real Estate to acquire 22 properties in Flatiron Park in east Boulder for approximately $170 million, according to public records.

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, earlier this month purchased 18 properties from Goff Capital Partners and four from Tom and Gloria Stewart that are in the business park, according to Boulder County public records.

In July of last year, Fort Worth real estate investor John Goff and partners merged operations of two real estate firms — Crescent Real Estate Holdings and Goff Capital Partners — to form Crescent Real Estate LLC.

Crescent, Goldman Sachs and Lionstone used the entity GPIF Flatiron Business Park LLC to buy the properties from Goff Capital Partners. Crescent is the general partner, and Goldman Sachs and Lionstone are limited partners, said Conrad Suszynski, co-CEO of Crescent Real Estate, who maintains his office in Centennial.

In 2011, Goff Capital Partners used the entity Flatiron Investments LLC when it paid $67.8 million to acquire 19 properties in Flatiron Park in 2011. Suszynski said Goff Capital had sold two of those properties prior to this latest deal.

“This property has performed very well, and we have made significant capital investments in it,” Suszynski said. “This deal is a way to recapitalize…