|Address||5300 Sterling Drive, 5305 Sterling Drive & 2300 55th Street, Boulder, CO (Denver)|
|Property Type||Three-Building Flex Office, Life Science Portfolio|
|Size||108,351 Square Feet|
|Primary Tenant||None – Life Science Conversion|
|Acquired||March 2021 and May 2021|
Highlights & Amenities:
- The Property consists of two buildings located in immediate proximity of one another at 5300 and 5305 Sterling Drive and a nearby building at 2300 55th Street, all located in Boulder, Colorado and contain, in the aggregate, 108,351 square feet.
- Tritower intends to redevelop the Property to be state-of-the-art mixed office/lab space.
- Tritower will complete significant upgrades a the Sterling Drive Properties to make the buildings “lab-shell ready”, including adding sprinkler systems, elevators, HVAC equipment and heavy electrical capacity.
- The 2300 55th Property requires only minor modifications before it can be leased to a tenant who intends to utilize the Property as mixed office/lab space.
- The buildings comprising the Property, as partially developed platforms, can be brought to market as functional lab space in less time than a ground-up development.
- The speed of the redevelopment and leasing is key, as Boulder is home to a rapidly expanding life science cluster.
- It’s lab and life science market has become supply constrained in recent years, with a current vacancy rate below 1% and no ground-up development expected to be delivered in the next one to two years.