Invesco Buys Pfizer Campus for $99M

3200 Walnut. Image courtesy of Newmark

Tritower Financial Group has sold 3200 Walnut, a four-building office/R&D complex totaling 151,384 square feet in Boulder, Colo. According to public records, the campus traded for $99 million. Invesco Real Estate acquired the property, which is occupied by Pfizer. The asset previously changed hands in August 2018, when BioMed Realty sold it for $52.3 million, according to CommercialEdge data.

Located on 5 acres at 1825, 1865 and 1885 33rd St. and 3200 Walnut St., the campus encompasses four interconnected buildings completed between 1972 and 1992. The complex—which includes 85,000 square feet of data center space—underwent extensive renovations in 2004, the same data provider shows.

The complex is 27 miles northwest of downtown Denver. Additionally, the property is a short distance from the University of Colorado’s East Campus Research facilities. Collaborations between pharmaceutical companies and top universities are important because they save time and costs in the research and development of new medicine and therapies.

Tenant Array BioPharma has operated at the site for the past 19 years. In July 2019, Pfizer acquired the company for $10.6 billion. 

Newmark Vice Chairman John Jugl negotiated on behalf of the seller. Earlier this month, Tritower Financial Group finalized the $58.5 million acquisition of a157,050-square-foot office asset in downtown Washington, D.C. BentallGreenOak provided a $41.3 million seller carryback loan for the purchase.