BioMed Realty Trust’s recent acquisition of a 1M SF life sciences campus in Boulder, Colorado, its first pickup in the state, showcases both the firm’s continued expansion and the rising profile of Colorado’s life sciences industry.

Flatiron Park, a 22-building campus near the University of Colorado Boulder’s BioFrontiers Institute, is currently 90% leased to tech and life sciences companies. BioMed didn’t reveal what it paid for the asset, but in a statement, BioMed West Coasts Market President Jon Bergschneider said it plans to invest $200M in redevelopment costs.

Reports from BizWest found that JLL had listed the property at roughly $600M.

Bergschneider also said that this likely wasn’t BioMed’s last acquisition in the area.

The seller was a joint venture of Crescent Real Estate, Goldman Sachs Asset Management’s Real Estate Business and Lionstone Investments. JLL Capital Markets represented the seller in this transaction.

BioMed Realty owns and operates more than 13.7M SF of lab and office space across the U.S. and UK.