Beacon spends $190M for Boulder office portfolio

Pearl East Boulder Exterior 1024x684 1

Beacon Capital Partners paid $190 million for the 485,000-square-foot campus previously owned by Western Office Portfolio Property Owner LLC, an entity led by Broad Street Principal Investments LLC. Courtesy Unico Investment Group

A little more than two years after the Pearl East Business Park was scooped up by a Goldman Sachs-affiliated investment group, the 11-building portfolio has again sold, this time to Boston-based investment outfit Beacon Capital Partners.

Beacon Capital Partners, using holding company BCSP Pearl East Property LLC, paid $190 million for the 485,000-square-foot campus previously owned by Western Office Portfolio Property Owner, an entity led by Broad Street Principal Investments.

That’s a $40 million return on Broad Street’s 2019 investment.

The owner before Broad Street, Unico Investment Group, also maintained a stake in the portfolio.

Unico bought Pearl East for $85 million in January 2015 from W.W. Reynolds Cos. — part of a larger deal in which Unico bought up 1.5-million square feet of W.W. Reynolds’ office space in Boulder and Fort Collins.

Similarly, Broad Street Principal Investments took over the office park as part of a larger portfolio deal involving 27 properties and $710 million.

Beacon has been on a buying streak in the region of late. The investor bought The Circa office building at 1615 Platte St. in Denver late last month for $60 million, according to previous BusinessDen reporting. 

The Circa was one of the buildings taken over by Broad Street in its $710 million Unico deal.

Pearl East Boulder Exterior 1024x684 1

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