BOULDER — A real estate investment and management firm in Boston has paid $52.3 million for four buildings that make up Array BioPharma Inc.’s corporate headquarters and laboratories in Boulder.
According to public records, Tritower Financial Group in Boston used the entity TFG 3200 Walnut St. Property LLC to buy the property at 3200 Walnut St. from BioMed Realty Trust Inc. (NYSE: BMR), a real estate investment firm based in San Diego with offices in Boston, San Francisco, Seattle and the United Kingdom.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
The four buildings, built in 1972 and renovated in 2004, have about 150,000 square feet of space.
Array BioPharma spokeswoman Andrea Flynn said the sale of the buildings has no impact on Array’s business or its 200 employees in Boulder.
In 2015, Array extended its lease of the buildings, of which it occupies 126,535 square feet, through March 2025, according to a document filed with the Securities and Exchange Commission.
In 2015, Tritower Financial Group paid $38 million for a three-building office park at Coal Creek Circle in Louisville, where the primary tenant is Medtronic Navigation.