Blackstone Sells Office Portfolio for $101M
JLL's Capital Markets team advised the company in the transaction, which included three downtown Boulder, Colo., buildings totaling more than 216,000 square feet.
By IvyLee Rosario
1050 Walnut St., Boulder, Colo.
Blackstone sold its three-building downtown Boulder, Colo., office portfolio for $101.3 million to institutional investors advised by J.P. Morgan Asset Management.
The Class A assets located at 1900 15th St., 1881 9th St. and 1050 Walnut St. total 216,802 square feet. Half of the space is geared toward creative tenants and includes outdoor decks and open or exposed ceilings. Over the past six years, all three buildings have undergone a total of $7.7 million in renovations.
International Director Peter Nicoletti, Managing Directors Maggie Coleman and Baxter Fain, and Executive Vice Presidents Patrick Devereaux and Jason Schmidt of JLL’s Capital Markets team completed the sale on behalf of Blackstone.
Boulder’s Strength
“Boulder is one of the strongest office markets in the country,” said Devereaux, in prepared remarks. “Vacancy is right around 8 percent and rents have increased more than 15 percent over the last year. Creative tenants are drawn to the city’s live, work, play environment that caters to their talent.”
The buildings are in close proximity to the University of Colorado Boulder and the Pearl Street corridor, which includes four blocks of pedestrian-friendly retail and restaurants.
Image courtesy of Yardi Matrix
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