Schnitzer West Acquires Site in Boulder’s Flourishing Flatiron Business Area to Develop Research and Development Campus
The company plans to break ground on the buildings, its first development in Boulder, in Q4 2024.
Schnitzer West, one of the Seattle and Denver area’s leading real estate investment, development and property management companies, announced the purchase of a parcel of land located at 5675 Arapahoe Ave. In partnership with Brue Baukol Capital Partners, an entrepreneurial real estate investment firm, Schnitzer West purchased the Boulder property with plans to develop a two-building research and development campus.
The 9.5-acre site will offer two three-story buildings with 216,000 square feet of office space, including 515 below-grade parking stalls, bike parking and maintenance facility, a wellness building with private locker rooms and showers, and indoor and outdoor fitness areas.
Schnitzer West is pursuing Leadership in Energy and Environmental Design (LEED) certification for the buildings, featuring outdoor terraces, floor-to-ceiling glazing and façade materials for an enhanced design and user experience. The campus will also house a two-acre outdoor amenity park emphasizing an existing pond and landscaping. Groundbreaking for the campus is scheduled to take place in Q4 2024.
While Schnitzer West has a development pipeline of more than 1.6 million square feet in the Denver metro area, the acquisition of the Boulder site marks Schnitzer West’s first investment in the City.
“Boulder is a wonderful place to be and a flourishing market with dynamic entrepreneurial energy. We’re excited to be part of the Boulder community,” said Doug Zabel, regional investment partner at Schnitzer West. “Our investment in the area reflects our confidence in Boulder’s long-term economic prospects. Working in close collaboration with the City, we will develop a best-in-class project that will support the region’s growing economy.”
Named after the Flatirons, a series of distinctive rock formations that tower over the nearby foothills and are popular destinations for hiking and climbing enthusiasts, the Flatiron business area offers a unique blend of high-tech innovation and outdoor recreation. The site is situated in East Boulder, where business tenants have the opportunity to expand their footprint and provide a private campus environment for their employees to enjoy. It is easily accessible from major highways, increasing flexibility for commuter tenants.
“We are delighted to partner with Schnitzer West once again,” said Geoff Baukol, President of Brue Baukol Capital Partners. “As a Colorado-based firm, we fully comprehend the nuances and requirements to convert this site into a space that effectively caters to the needs of today’s tenants while preserving the intrinsic beauty and allure that Boulder and Colorado offer.”
Schnitzer West is committed to collaborating with Boulder’s planning department to ensure the project meets the needs and wants of the community while optimizing the local infrastructure.
About Schnitzer West, LLC: Schnitzer West LLC is one of the Seattle and Denver area’s leading real estate investment, development and property management companies. Co-Founded in 1997 by then Managing Investment Partner Dan Ivanoff of Seattle and Ken Novack, then President of Schnitzer Investment Corp. (now called MMGL Hold Co LLC.), the company has built a successful track record in the commercial and multifamily housing markets through product innovation, disciplined management, and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management. To date, it has developed or repositioned more than 11.3 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space, mixed-use, and 1,250 units of luxury multifamily residential in Seattle, Portland, and Denver. Schnitzer West has an additional 1.3 million square feet of office and multifamily residential (totaling 377 units) under construction and an additional 1.9 million square feet of office and multifamily residential (totaling 600 units) in predevelopment. Currently, Schnitzer West’s Asset Operations group actively manages 3.0 million square feet of office and industrial property for various clients. Learn more at www.schnitzerwest.com.
About Brue Baukol Capital Partners: Founded in 2011, BBCP is a real estate investment firm that develops and acquires commercial real estate properties. Their investments include multifamily, office, industrial, for-sale residential, hospitality, land and mixed-use projects.
With assets developed and or under management exceeding $4.6 billion, BBCP’s holdings currently include a 1,000-acre master planned resort community along the South Shore of Kaua'i known as Kukui’ula; a luxury residential development in Vail Village; a 367-unit multifamily development in Denver’s RiNo District called EDIT; a 37-acre mixed-use development at I-25 and Dry Creek known as The District; a 140,000 square foot office development in Cherry Creek North; a 134-acre mixed-used development near DEN; a 475-acre commercial development in Boulder County and the 2,600-acre mountain resort community, Frost Creek. For more on Brue Baukol Capital Partners, please visit www.bruebaukol.com.
