California life-sciences investor Breakthrough Properties pays $85M for Boulder campus

Editor’s note: This story has been updated to reflect new figures for BioMed’s transition of portions of the Flatiron Park campus to biosciences-focused space.

BOULDER — An out-of-town newcomer has entered Boulder’s red-hot biotechnology real estate market with the purchase of a four-building office hub on 38th Street that will be redeveloped into a life-sciences-focused office, labs and flex-space campus. 

Breakthrough Properties, a Los Angeles-based joint venture from global real estate investor  Tishman Speyer Properties LP and biotechnology investment firm Bellco Capital LLC, took over the buildings at 1685, 1715, 1745, and 1775 38th St. from local investment and development firm…