ByGeorge Ryan|Feb 25, 2020|Industry News, Local Real Estate, News
By Jill Jamieson-Nichols — October 14, 2019
A Boston-based real estate investment and management company added to its Boulder County portfolio with the $21.2 million purchase of the GHX World Headquarters in Louisville.
Tritower Financial Group bought the 106,877-square-foot building at 1315 W. Century Drive from Lexington Realty Trust for $198.36 per sf.
“This is our fourth investment in Boulder and the route 36 corridor. We love the market, and we thought there was a great opportunity to buy this building and help GHX grow in the market, and in the building itself,” said Tod Brainard, Tritower partner and director of acquisitions.
GHX, a health care supply chain technology company, occupies approximately 80% of the building. “They have a long-term lease, so this is really a cash-flow purchase for us, but we also see the opportunity to do some things that we think would add value to the building long term,” Brainard said.
Rogue Wave Software occupies the rest of the building. It recently was acquired and is “trying to figure out what they want to do with their space,” said Brainard, who added GHX may at some point expand into the whole building.
The building sits on an elevated site with visibility on U.S. Highway 36, views of the Flatirons and Boulder, and immediate access to open space and a bike path between Louisville and Boulder. It’s just off the McCaslin Boulevard corridor, with numerous retail options, restaurants and other amenities.
“We think it’s a very dynamic piece of real estate that will do nothing but improve in the future,” Brainard commented. “We love what’s going on in Boulder, and we love what’s going on in Louisville. Everything is positive as far as we can see.”
CBRE brokers Mike Winn, Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton handled the transaction.
Tritower Financial Group owns 826, 858 and 867 Coal Creek Circle in Louisville, which houses Medtronic and CableLabs; 2600 and 2620 Trade Centre Ave. in Longmont; 3200 Walnut St., and 1825, 1865 and 1885 33rd St. in Boulder; as well as three buildings in Aurora.
The building at 1315 W. Century was the last of three world headquarters buildings that Lexington Realty Trust sold this year in the Denver market. Lexington sold TriZetto’s headquarters building in Englewood and Arrow Eletronics’ headquarters in Centennial to separate buyers for $61.25 million and $40.1 million, respectively.
Featured in CREJ’s Oct. 16-Nov. 5, 2019, issue
Example list item
Please sign up for our emails and latest newsletters.
1048 Pearl Street, Suite 440
Boulder, Colorado 80302