Colorado Real Estate Journal - April 5, 2017
Crescent Real Estate LLC recapitalized $140.98 million in assets in Flatiron Business Park in Boulder and added to its holdings there for $22.21 million. The recapitalization, which brought in partners Goldman Sachs and Lionstone Investments, included 16 office and office/flex buildings and a development site that Crescent has owned since 2011. “The performance has been very strong, and it’s just the right time for the investor partnership that we had that originally bought it to exit the transaction,” said Conrad Suszynski, co-chief operating officer. “We at Crescent felt like there’s a lot more to do, so we obviously wanted to stay involved in Boulder and specifically Flatiron Park.” The same day it completed the recapitalization, Crescent Real Estate acquired four additional buildings in Flatiron Park from a Boulder family that developed them many years ago. The deal brings its holdings in the park to approximately 859,000 square feet. The company also owns just under 900,000 sf of office, flex and industrial assets at the Campus at Longmont in Boulder County. The additions to the Flatiron Park portfolio include 2300, 2400, 2450 and 5757 Central Ave. The overall portfolio is approximately 92 percent occupied. HFF was the broker of record for the transaction. John Jugl, vice chairman of Newmark Grubb Knight Frank’s Western Region Capital Markets, also was involved in the deal.