CRESCENT ANNOUNCES PURCHASE OF MEDTRONIC CAMPUS IN COLORADO
DENVER, December 17, 2020 – Crescent Real Estate LLC announces the seven-building Medtronic Campus purchase in Boulder, Co. The purchase agreement includes a sale-leaseback arrangement with the current owner, Covidien, a large, global medical technology, services, and solutions company. Covidien, part of Medtronic, occupies 100 percent of the seven buildings.
The Medtronic Campus portfolio is located on 23.18 acres and encompasses 453,565 square feet of office, manufacturing, laboratory, and warehouse space in the stable Boulder market. It also includes two parking structures that serve the property. Additionally, the purchase includes an undeveloped 7.65-acre tract of land across Spine Road from the Medtronic Campus.
Crescent is purchasing the property through the GP Invitation Fund II, a Crescent-managed investment fund used to acquire, develop, and operate all real estate classes alongside institutional investors and high net worth clients.
“Crescent and our investors are excited about this opportunity in the Boulder market,” said Conrad Suszynski, Co-CEO of Crescent. Suszynski acknowledged that the Medtronic Campus fits well with Crescent’s other investments in Colorado.
“We expect to leverage our knowledge of the Boulder and Colorado markets to present attractive office, manufacturing, warehouse, and other mix-use options,” Suszynski said.
Boulder is viewed as a strong economic area and a center of innovation with visionary entrepreneurs. The city has a world-class research university, major government facilities, and one of the nation’s most highly educated populations. The area’s population growth of 10.7 percent through 2010-2019 was significantly higher than the U.S. average of 6.3 percent, and Boulder’s unemployment rate was near two percent entering 2020.
“Boulder is a growth market with industry diversity – research, aerospace, bioscience, IT, natural and organic products, and clean-tech. Boulder’s culture and lifestyle focus on outdoor recreation and an appreciation of the environment,” said Suszynski. “We have designed our Colorado developments, such as Flatiron Park and Platte Fifteen, to fit the local culture.”
Crescent is part of a joint venture ownership that manages and develops Flatiron Park, a 1,000,000-square-foot multi-building campus known as a leader in innovative and creative work environments in the heart of Boulder. Crescent also owns Platte Fifteen, a new generation of office product with modern office and retail constructed with Cross Laminated Timber, the first of its kind approach toward sustainable construction in Denver. This unique five-story, 150,418-square-foot building features include 10-foot full-height glass windows, a rooftop deck, and outdoor patios with unobstructed views of downtown and the mountains. Additionally, Crescent owns and manages a Colorado Springs office portfolio consisting of eight separate Class A office buildings in two Colorado Springs submarkets.