Real estate investor buys Boulder Pfizer campus for $99M

BOULDER — Atlanta-based investment firm Invesco Ltd., through holding company 3200 Walnut Street LP, last month purchased the Boulder campus occupied by Pfizer Inc. (NYSE: PFE) for $99 million.

The four-building campus centered around 3200 Walnut St. was previously owned by TFG 3200 Walnut Street Property LLC, an affiliate of Boston real estate investor Tritower Financial Group LLC.

Tritower acquired the 151,384-square-foot office and lab campus in 2018 for $52.3 million, Boulder County property records show.

Pfizer entered the Boulder market in 2019 with the $11 billion acquisition of Boulder-based oncology company Array BioPharma Inc.

“It was exciting to see a preeminent life sciences company such as Pfizer enter the Boulder

market through its acquisition of Array Biopharma in 2019. Array is arguably Boulder’s most

successful homegrown oncology company, and Pfizer intends to support the local scientific talent

to enhance their commitment to bringing promising therapies to patients in need,” said John Jugl, a vice chairman with Newmark Group Inc. (Nasdaq: NMRK), the seller’s representative in the real estate transaction. “We’d like to thank our buyer Invesco Real Estate and the many other investors who took the

time to understand both Pfizer as well as Boulder, which is emerging as a primary life science

node with an exciting ecosystem of R&D companies.”

Pfizer is extending its lease at the Walnut Street site and is investing in furniture, fixtures and equipment for the offices and labs, according to a Newmark news release.

Boulder County has seen several major real estate deals involving pharmaceutical facilities in recent years. 

The former AstraZeneca PLC was purchased last summer by AGC Biologics for nearly $40 million.

In 2019, AveXis Inc. acquired the Longmont campus previously occupied by AstraZeneca PLC (NYSE: AZN) for $30 million.

Invesco has been a relatively active player in the Boulder Valley real estate market, making big splashes with the $46.5 million purchase of commercial space in Broomfield in 2018, a $89.1 million sale of a Broomfield apartment complex in 2019 and the $94.5 million purchase of another Broomfield multifamily asset in 2015.

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