64K SF Boulder Lab Leased To Pharma Company: The Denver Deal Sheet
An international peptide development and manufacturing company has leased a 64K SF purpose-built speculative lab building in Boulder.
Under a 15-year lease agreement, CordenPharma Colorado will be the sole tenant at 5505 Central Ave. in BioMed Realty’s Flatiron Park. The lab is located next to one of CordenPharma’s large-scale peptide manufacturing facilities and will enable the company to expand its peptide development capabilities.
The lab, completed in 2024, has adaptable lab grids, advanced utility systems and specialized waste disposal.
Flatiron Park consists of 24 buildings and more than 1M SF of research and development and office space across 15 acres.
SALES
Uplift Development Group acquired a nine-property self-storage portfolio in an off-market transaction. The properties total around 3,000 units and 500K SF, spanning five cities along I-70 and Highway 40. The portfolio’s overall occupancy is 72%. JLL arranged $71.5M in financing and joint equity on behalf of Uplift Development Group.
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Developers Magnetic Capital and Integra Land Co. purchased an office building at 421 N. Broadway and the adjacent parking lot at 433 N. Broadway for $12.75M. The building is currently the headquarters of Fentress Studios, which was acquired by Populous last year.
Magnetic and Integra plan to redevelop the property into a 280-unit multifamily property.
CONSTRUCTION AND DEVELOPMENT
Pennrose and the Longmont Housing Authority celebrated the grand opening of Ascent at Hover Crossing, a 75-unit affordable housing development. The units range in size from one to four bedrooms and serve households making between 30% and 80% of the area median income. The building is 100% electric and has on-site rooftop solar, owned by the city.
The Longmont Housing Authority has also committed 18 project-based housing choice vouchers to the community.
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Pennrose broke ground on a 50-unit affordable senior housing community in Superior on March 4. Kite Route Crossing, located at 2101 Old Rail Way, will consist of one- and two-bedroom units available at 30% to 70% of the area median income. The project will be 100% electric, and on-site amenities will include a fitness center, secured bike storage and pet washing station.
THIS AND THAT
A Zumper report found that Denver’s February rents were the third-most expensive in the metro area, following Boulder and Westminster. Denver’s median one-bedroom rent was $1,600, while Boulder reached nearly $1,800. Greeley was the most affordable city on the Front Range, with a median rent of $1,000.
