January 7, 2021 10:00 AM
Newmark announces the sale of 3200 Walnut–a four-building interconnected campus featuring 151,384 square feet of prime lab and office space. The campus, occupied by Pfizer, includes four buildings located at 1825, 1865 and 1885 33rd Street and 3200 Walnut Street, in Boulder, Colorado. Newmark Vice Chairman John Jugl represented the seller, Tritower Financial Group, in the transaction to buyer, Invesco Real Estate, a global real estate investment manager.
The tenant – formerly Array BioPharma, which was acquired by Pfizer in 2019 – has occupied the campus for 19 years. Since first subleasing space from Boulder’s original life science anchor, Amgen, Array BioPharma had forged a lasting presence at 3200 Walnut campus and the Boulder community prior to its acquisition by Pfizer – the fourth largest pharmaceuticals corporation in the world.
“It was exciting to see a preeminent life sciences company such as Pfizer enter the Boulder market through its acquisition of Array Biopharma in 2019. Array is arguably Boulder’s most successful homegrown oncology company and Pfizer intends to support the local scientific talent to enhance their commitment to bringing promising therapies to patients in need,” said Jugl. “We’d like to thank our buyer Invesco Real Estate and the many other investors who took the time to understand both Pfizer as well as Boulder, which is emerging as a primary life science node with an exciting ecosystem of R&D companies.”
“Working with Tritower and Newmark to purchase this quality asset was a pleasure,” said Rob Taylor, Director of Acquisitions for the Denver/Boulder markets at Invesco Real Estate. “The Denver metro, and Boulder in particular, are target markets for Invesco and we are very happy to add this exceptionally well-located biotech real estate investment in Central Boulder to our growing portfolio in the region.”
“On behalf of our investors, Tritower is very pleased about this outcome. In addition to our life science assets in Boston and Maryland, we will continue to acquire and create world-class life science properties in Boulder and the Route 36 Corridor,” said Tod Brainard, Chief Investment Officer at Tritower.
Building on Array’s success of discovery and development of small molecule bioscience drugs – including two FDA-approved cancer drugs, Braftovi and Mektovi – Pfizer has shared the same strategic vision for operations in both the asset and area. Pfizer’s request for an early lease extension and expansion during the COVID-19 pandemic as well as continuing investment in FF&E within the asset reflects the company’s commitment to the facility and its importance to their operations.
The campus features immediate access to the University of Colorado’s (CU) highly recognized Colorado’s East Campus Research facilities. Life science collaborations with top universities are key, offering a reduction in time and costs related to R&D of new drugs and therapies. Pfizer initiated a collaboration with CU to fund research projects for upwards of $500,000 over a two-year time span. The campus is also surrounded by the most highly educated workforce in the country. 60.8% of the Boulder community holds bachelor’s degrees and 37% of those diploma holders also hold advanced degrees. Additionally, Boulder County had the largest year-over-year percentage increase in average weekly wages at 18.4% from the third quarter of 2018 to the third quarter of 2019.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $80.4 billion in real estate assets under management, 574 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
Tritower Financial Group, LLC (“TFG”) is a private real estate investment and management firm whose principals have over 80 years of collective experience in commercial real estate investing throughout the United States. Over the past 25 years, the principals have structured over 83 separate real estate syndications, both public and private, with a value in excess of $3.5 billion. Since 2014, TFG has acquired 20 transactions valued over $1 billion in Metro Boston, Metro Denver and Metro Washington. In Metro Denver these assets include: Coal Creek Business Park and 1315 West Century Dr. in Louisville, Centretech Business Centre and Centrepoint Plaza in Aurora. TFG has successfully established a broad investor base that includes thousands of high net worth investors. Please visit www.tritowerfinancial.com for more information on TFG.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.