Real Estate & Construction  March 18, 2020

Crescent buys additional office space in Flatiron Park

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BOULDER — Crescent Real Estate LLC, a commercial property investor and development firm that owns much of the Flatiron Park business park in Boulder, recently purchased another building in the park.

The firm, which owns about two dozen Flatiron Park office buildings that total nearly 1 million square feet, bought the 60,000-square-foot building at 5777 Central Ave. for $16.25 million. Crescent used the entity GPIF 5777 Flatiron LLC for the purchase.

The seller of the 25-year-old office space, known as the Lakeshore Building, was BMC Properties LLC, an affiliate of Chrisman Commercial in Louisville.

Crescent is planning a redevelopment effort at Flatiron Park. Representatives met with Boulder’s Planning Board in late 2019 to review plans to demolish two aging office buildings at 2400 and 2450 Central Ave. and replace them with new offices. 

The 5777 Central Ave. acquisition is unrelated to plans at 2400 and 2450 Central Ave., Crescent vice president of investments Ben Molk told BizWest in an email. The 5777 Central Ave. deal is Crescent “just reaffirming our commitment to east Boulder.”

Representatives with Chrisman did not respond to requests for comment.

 

BOULDER — Crescent Real Estate LLC, a commercial property investor and development firm that owns much of the Flatiron Park business park in Boulder, recently purchased another building in the park.

The firm, which owns about two dozen Flatiron Park office buildings that total nearly 1 million square feet, bought the 60,000-square-foot building at 5777 Central Ave. for $16.25 million. Crescent used the entity GPIF 5777 Flatiron LLC for the purchase.

The seller of the 25-year-old office space, known as the Lakeshore Building, was BMC Properties LLC, an affiliate of Chrisman Commercial in Louisville.

Crescent…

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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