DENVER (July 9, 2015) – CBRE announced the sale of the Rally Software Building located at 3333 Walnut Street in Boulder, Colorado, to Lionstone Investments out of Houston, Texas. The 154,476 sq. ft. office property, built in 1998 (Phase I) and 2014 (Phase II), was 100 percent leased to Rally Software at the time of the sale.
The Rally Software Building is the largest single-building office sale in Boulder history.
Located in the central Boulder market, the Rally Software Building is a state-of-the-art office asset, benefiting from the newest technologies for efficiency and sustainable design on a newly constructed Class A campus.
“The investor demand for this in-fill Boulder asset was phenomenal. Institutional buyers quickly recognized the strong underlying fundamentals, which combined with an incredibly high barrier-to entry creates a very appealing investment opportunity,” said Geoff Baukol of CBRE’s Capital Markets Institutional Properties who, along with Mike Winn and Tim Richey of CBRE, handled the transaction on behalf of the Seller.
“This is a sizeable office asset in the context of the Boulder market. Many institutional buyers had been waiting for the right opportunity to buy in this dynamic market, and this was a solid fit,” said Winn.
The Property is located just three blocks from the 29th Street Outdoor Mall and two blocks from Boulder Junction – Boulder’s under-development new transit hub.
The seller was MAV Development Company based in Ann Arbor, Michigan, and an investment entity managed by Washington Capital Management, Inc. out of Seattle on behalf of its pension fund clients.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.