Crescent Partners With Goldman Sachs, Lionstone In Massive Colorado Portfolio
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Dallas-based Crescent Real Estate joined forces with Goldman Sachs Asset Management and Lionstone Investments in a 21-building portfolio and development site acquisition in Boulder, Colo.’s Flatiron Park.
Crescent has owned 17 of the buildings and the site since 2001, and the additional four buildings were purchased by the partnership. In total, the 21 buildings top 859K SF.
The partnership acquired the portfolio for $170M, according to public records. Goff Capital Partners paid $68M to acquire 19 properties in Flatiron Park in 2011 via the entity Flatiron Investments. Crescent co-CEO Conrad Suszynski said Goff Capital sold two of those properties prior to this latest deal, BizWest reported.
Crescent chairman John Goff has interests in more than real estate in Colorado.
Flatiron Park has more than 100 buildings consisting of office, industrial, flex, retail and exercise amenities within its 200 acres. More than 100 companies work out of Flatiron Park, including many tech firms.
Crescent will manage, lease and market the portfolio. These investments include durable, in-place cash flow with more development opportunities in a supply-constrained market, Lionstone CEO Jane Page said.