Real Estate & Construction June 20, 2023 1:53:58 pm

Corden Pharma leases Boulder offices formerly home to Trimble, Elevations CU

Corden Pharma International GmbH has increased its presence in Boulder with the lease of the entire, roughly 61,000-square-foot flex-office-laboratory building at 2300 55th St. Courtesy CBRE.

By Lucas High

BOULDER — Germany-based pharmaceutical manufacturer Corden Pharma International GmbH has increased its presence in Boulder with the lease of the entire, roughly 61,000-square-foot flex-office-laboratory building at 2300 55th St.

The 55th Street space formerly housed operations of technology company Trimble Inc. (Nasdaq: TRMB), which sold the building last summer to Boston-based investor Tritower Financial Group LLC for $21 million.

That sale was part of a broader consolidation for Trimble, which exited the Boulder market and beefed up its presence in Westminster. Trimble opened a new 119,000-square-foot building in the Westmoor Technology Park in late 2018, joining an existing 125,000-square-foot building.

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Before Trimble, the office at 2300 55th St. served as the headquarters for Elevations Credit Union.

Elevations offloaded the building in 2019 for nearly $12.2 million during its process of consolidation in Broomfield’s Interlocken Business Park. Elevations also moved its headquarters to 2960 Diagonal Highway.

Corden, representatives of which did not respond to requests for comment, has long operated manufacturing facilities in Boulder, at 2075 55th St., just a stone’s throw from the office space the company recently leased. The pharmaceutical company boosted its local presence in 2017 when it acquired the Hospira Boulder manufacturing plant from New York-based Pfizer Inc.

Commercial real estate brokerage CBRE represented Tritower in the 55th Street building lease.

“Lab vacancy in Boulder has hovered near zero in recent years, making it hard for life sciences companies to find space,” CBRE senior vice president Erik Abrahamson said in a prepared statement. “Fortunately, developers launched a series of both new construction and conversion projects in the past two years that are helping to balance the supply and demand imbalance and giving tenants more options.”