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News release

Denver

JLL completes $101.25 million sale of Boulder office portfolio


JLL's Capital Markets experts today announced the firm completed the sale of the Downtown Boulder Office Portfolio on behalf of Blackstone. Institutional investors advised by J.P. Morgan Asset Management bought the three office buildings for $101.25 million. ​

The portfolio consists of three Class A buildings located in downtown Boulder, Colorado: 1900 15th St., the 1881 9th St. and 1050 Walnut St. The buildings total 216,802 square feet.

International Director Peter Nicoletti, Managing Directors Maggie Coleman and Baxter Fain, and Executive Vice Presidents Patrick Devereaux and Jason Schmidt led the JLL team on the sale and financing.

"This was a rare opportunity to acquire well-located creative space at scale," said Nicoletti. "We continue to see institutional investors show appetite for portfolio-level deals, especially in fundamentally sound markets like Boulder where they can create rent upside."

Added Devereaux, "Boulder is one of the strongest office markets in the country. Vacancy is right around 8 percent and rents have increased more than 15 percent over the last year. Creative tenants are drawn to the city's live, work, play environment that caters to their talent."

Nearly half of the portfolio features space geared toward creative tenants and includes outdoor decks and open/exposed ceilings. All three buildings have undergone a total of $7.7 million in renovations in the past six years, positioning the buildings among the top of the Class A office pool.

Located in Boulder's burgeoning downtown, the buildings are close to the talent-rich University of Colorado Boulder and the coveted Pearl Street corridor, which includes four blocks of pedestrian-friendly retail and restaurants.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About J.P. Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $120 billion in assets under management and over 800 professionals (as of December 31, 2016), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: jpmorganassetmanagement.com

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​