Colorado Real Estate Journal - December 2, 2015
A 100,000-square-foot office/ retail development in Boulder will break ground in more ways than one. “We’re the first net-zero project in Boulder and one of the first in the country that I know of that hasn’t been built by either the government or a foundation,” said Andrew Bush of Morgan Creek Ventures in Boulder. A joint venture of Morgan Creek Ventures and San Francisco-based New Island Capital, Boulder Commons will consist of two four-story buildings to be built just north of the transit center at Boulder Junction. It is set to break ground in late January. “We believe in Boulder Junction and the transit village,” said Bush. “I think downtown will always be the center of Boulder, but we feel like this will be a second center of activity,” he said. Bush sees Boulder Junction evolving into a lively, pedestrianoriented area that, over the next five to 10 years, also will have a thriving retail presence. “It will be an alternative to downtown for creative companies, and it may be a little more creative and interesting than downtown because it’s not all historic buildings. I think it will be different and different in a good way.” People are getting a sense of what Boulder Junction will become given construction of new apartments, condos, the transit center, a hotel, etc., said Bush. “I think the area is coming into its own.” An approximately $35 million project, Boulder Commons will combine creative office and retail/ quasi-retail space, including a restaurant, coffee shop and “coffee club.” The club, with high-speed Internet, will serve as a casual co-working space for people who don’t come in every day. The southernmost building, totaling 40,000 sf, will feature a 2,000-sf lobby/lounge, which Bush described as a “W hotel lobby without the music.” It will be a place for tenants to work on laptops or hang out with friends with core furniture that can be moved around. There also will be a classroom for training and meetings. The larger, northernmost building will have a quiet lobby for relaxing, and local and regional art curated by Boulderbased Art Movement Colorado. A public plaza will connect the two buildings, which face Goose Creek to the south, Junction Place to the West and railroad tracks to the east. Solar panels will cover virtually every roof surface and a southeast wall, and inside, a highly efficient heating and cooling system and tight building envelope will minimize energy use. According to Bush, approximately 40 percent of the space is spoken for. Boulder Commons’ office space will provide open floor plans for tenants up to 20,000 sf, with a goal of housing eight to 10 tenants. “We are known for creative office space. We cater to creative tenants, and we understand how they like to work,” said Bush. “Right now is a good time in Boulder to be building a building. Most of the new buildings in Boulder are almost completely leased, even if they’re not finished,” he said, noting downtown’s typically smaller floor plates have become a source of frustration for tenants that are growing. “People tend to be very interested in some of the new buildings, not just ours.” Morgan Creek Ventures’ partner in the project, New Island Capital, is one of the largest “impact” investors in the country. It invests debt and equity in projects that provide risk-adjusted returns while also making a positive impact with regard to community, alternative energy and environment, for instance. Bush expects Boulder Commons to welcome its first occupants in February 2017 and be complete by July 2017. Coburn Development is the architect of record for the Commons, with EHDD providing sustainability expertise and Huntsman Architectural Group designing the interior. Mortenson Construction is the contractor. Shane Bohart and Wade Wimmer of CBRE are marketing Boulder Commons. Other News InsideAsia Tours, headquartered in Bristol, United Kingdom, will relocate its U.S. office from 1209 Pearl St. to 4,900 square feet of Class A space at 1738 Pearl in Boulder to accommodate its growing business and workforce. “We have outgrown the current location and are at the state now where we want our own space, with our own identity, in order to not only keep our current workforce happy and motivated but also to attract new employees and clients,” U.S. Director Mathew Eccles said in a statement. The U.S. branch has grown from one person to 13 employees since 2010 and is expected to increase further in the near future. Bookings have increased from $175,000 to $5.5 million in that same time frame. InsideAsia Tours helps people plan vacations to Japan, Burma, Vietnam, Cambodia and Laos. It currently occupies 1,648 sf. InsideAsia Tours expects to move into its new office space in early 2016. Unico Properties is redeveloping the property and is seeking LEED certification for environmentally friendly building standards and sustainability. Ashley Overton and Michael Hastings of Flatiron Commercial LLC represented InsideAsia Tours in the lease. Chris Boston and Stacey Kerns of Gibbons-White Inc. represented the landlord.