FD Stonewater has completed the acquisition of 6000 Spine Road in Boulder, Colorado. The fully leased, 60,000-square foot, office building is located in Gunbarrel Business Park and surrounded by numerous Fortune 500 companies in the life science and technology industries.
Despite market uncertainty caused by the pandemic, Boulder’s office market has remained resilient, largely due to stable and diverse economic drivers, high barriers to entry, and a robust talent pipeline. The opportunity to acquire an office asset that features healthy cash flow and several paths to upside at a material discount to replacement cost in Boulder was compelling.
FD Stonewater Principal Andrew Schwartzman commented, “We are pleased to add this asset to our portfolio and excited to enter the Boulder market. Occupancy at the property went from about 70% to 100% during our acquisition pursuit, which demonstrates the health of the market, and we believe there are further upside opportunities as well. Our team continues to evaluate unique, strategic opportunities in high-growth secondary markets across the country. This property fits well into that strategy and is an exciting addition to FD Stonewater’s investment portfolio. We hope it’s the first of several in Boulder.”