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Crescent pays $16.25 million for Flatiron Park building

The building houses a mix of technology and research-and-development tenants.

Crescent Real Estate LLC added to its sizable portfolio in Flatiron Park with the $16.25 million acquisition of a two-story office building.

Crescent, through GPIF 5777 Flatiron LLC, bought 5777 Central Ave. from BMC Properties LLC, a Chrisman Commercial affiliate.

The acquisition brings Crescent’s Flatiron Park portfolio to more than 900,000 square feet in some two dozen buildings.

“Crescent has a large presence in the park and firmly believes in the fundamentals of the park. They own buildings on either side of this, so this was an opportunity to add to the portfolio in a location they strongly believe in,” said Becky Callan Gamble of Dean Callan & Co., who handled the transaction with Dean Callan’s Beau Gamble.

Built in 1996, the building houses a mix of technology and research-and-development tenants. It is next to the Boulder bike path and a lake, and has showers, an outdoor eating area and volleyball court.

Featured in CREJ’s April 1-14, 2020, issue

Kris Oppermann Stern is publisher and editor of Building Dialogue, a Colorado Real Estate Journal publication, and editor of CREJ's construction, design, and engineering section, including news and bylined articles. Building Dialogue is a quarterly, four-color magazine that caters specifically to the AEC industry, including features on projects and people, as well as covering trends…