Developer secures Lafayette land for Medtronic campus

LAFAYETTE — The developer contracted to build Medtronic’s new corporate campus in Lafayette has secured land for the project just south of SCL Health’s Good Samaritan Medical Center.

In a trio of transactions this month, Ryan Cos. U.S. Inc., through holding company Ryan Lafayette LLC, bought roughly 42 acres for $8.5 million.

Dillon Road LLC, an entity registered by Rebecca Gleason, controlled 50% of the site and received $4.25 million, Boulder County property records show.

The University of Colorado Foundation, a nonprofit fundraising organization for CU, controlled 40% of the site and was paid $3.4 million.

The Humane Society of Boulder Valley had the smallest share of the site with 10% and received $850,000, deeds show. 

Medtronic, a medical-device maker with operations in Louisville and Gunbarrel, will consolidate its local business into 400,000 square feet of new office and laboratory space spread across two, five-story buildings. Of that, 60,000 square feet will be dedicated to research and development, a 10,000-square-foot increase over Medtronic’s current R&D footprint in the region.

“We’re kind of bursting at the seams,” Medtronic executive vice president and president of the company’s medical surgical portfolio Bob White said of its existing Boulder County space. 

Medtronic has about 2,300 employees in Colorado and roughly 1,100 will relocate to the Lafayette campus. The remainder will continue working out of Medtronic manufacturing facilities in Boulder.

Workers in the new campus will hold a number of roles including research and development, marketing, sales, finance, human resources and other support functions, White said. 

“More collaboration happens when everyone is in the same building,” he said. 

In anticipation of the move to Lafayette, Medtronic sold its seven-building, 453,565-square-foot flex-office campus and nearly eight acres of undeveloped land in Gunbarrel late last year to investment group Crescent Real Estate LLC for $36.5 million. Medtronic is now leasing back the space from the new owners.

Editor’s note: This story has been corrected to reflect the accurate size of the R&D space in Medtronic’s Boulder office.

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