News

BOULDER, Colo. – Velocis Advisors, the asset management and advisory service division of Velocis, has sold 5775 Flatiron Parkway, a 96,267-square-foot office building located in Boulder’s Flatiron Business Park. Velocis Advisors sold the building on behalf of its client, a Dallas-based family office, to Menlo Equities for an undisclosed price.Velocis Advisors purchased the property on behalf of its client in 2014 and provided asset management services throughout the investment. During this time, they initiated the transition of the asset from multi-tenant to single-tenant by negotiating a long-term lease renewal and expansion with the building’s anchor tenant, IHS Markit Ltd. IHS Markit Ltd. is expanding its footprint until 2018, when it will occupy 100 percent of the property.
Velocis Advisors purchased the property on behalf of its client in 2014 and provided asset management services throughout the investment. During this time, they initiated the transition of the asset from multi-tenant to single-tenant by negotiating a long-term lease renewal and expansion with the building’s anchor tenant, IHS Markit Ltd. IHS Markit Ltd. is expanding its footprint until 2018, when it will occupy 100 percent of the property.
“Velocis Advisors sourced this acquisition for our client based on its strong tenancy and income-producing potential,” said Paul Smith, Velocis Advisors Principal. “By identifying the opportunity to evolve the property into a true, single-tenant building, we were able to add significant value to the asset. Ultimately, that value was realized through the sale of the property to Menlo Equities.”
The two-story office building sits on 5.2 acres in one of just two planned business parks within Boulder’s city limits, two miles from downtown. The property is currently 100 percent leased.
John Jugl with Newmark Grubb Knight Frank and Mary Sullivan with HFF represented the seller in the transaction.