Broomfield office building fetches nearly $3.6M at auction

BROOMFIELD — The 93,000-square-foot office building at 2655 W. Midway Blvd. in Broomfield was recently sold through the Ten-X commercial real estate auction platform for a tad less than $3.6 million.

At less than $40 per square foot, the sales price is reflective of an office market that has seen better days. 

The Midway Boulevard property was built in 1995 as the local administrative headquarters for Geneva Pharmaceuticals Inc., which was later acquired by Sandoz Inc. A former pharmaceutical manufacturing facility that has changed hands several times in recent years — most recently bought by Portland, Oregon-based real estate investor and developer ScanlanKemperBard Cos. — is right across the street at 2555 W. Midway Blvd.

Broomfield real estate records show that Geneva Pharmaceuticals sold the building in 2020 to CRE2655 W Midway LLC for $6.75 million. 

CRE2655 W Midway LLC, an entity registered to an address in Boulder by local investor Eric Kramer, who founded Crestone Capital LLC, acquired this year by a New Jersey investment-advisory firm, sold the building at an auction this month to Tebo-Golden LLC, a holding company affiliated with Longmont-based landlord Stephen Tebo and his Tebo Properties Inc.

“At the price he bought it for, I think he could warehouse this and hold it until the market recovers,” broker Geoffrey Keys of Keys Commercial, who represented the seller in the deal, said of Tebo. “… It’s a great little space and it’s in great shape, it’s just a bit ‘under-rented’ you might say.”

Bright Horizons Family Solutions, by far the largest tenant in the building, is leaving at the end of the year when the company’s lease expires, Keys said, which “absolutely” played a role in the seller’s decision to offload the building.

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