A semiconductor manufacturer has inked a deal with Broe Real Estate Group in Boulder County.
BREG CEO Doug Wells told BusinessDen this week that Boise-based Micron Technology has leased a “substantial portion” of the company’s 460,000-square-foot Max Technology Center building in Longmont.
The company purchased the structure on 25 acres at 2452 Clover Basin Drive, formerly home to computer disk drive manufacturer Maxtor, in December 2017 for $8.6 million.
Maxtor was acquired in 2006 by California-based Seagate Technology. Seagate vacated the property but continued to make lease payments until the expiration of the lease in 2016, according to Broe.
Since the purchase, Wells said the company has been redoing the building’s entire facade, adding interior and exterior common areas including a workout facility, and removing dated furnishings and low-hanging ceilings. The total project cost will be in excess of $100 million by the time it’s done, including the purchase price, broker commissions and tenant finish costs, he said.
“This lease that we’ve done is really a proof of concept for the project,” he said.
Micron has an existing, smaller facility elsewhere in Longmont.
Wells said there’s still more than 200,000 square feet within Max Technology Center available for lease.
BREG is part of Denver-based The Broe Group, founded by Pat Broe in 1972. It’s the biggest year of leasing ever for the company, Wells said.
The company said in August that an eight-story office building it’s currently constructing at the corner of 2nd and Clayton in Cherry Creek is fully leased to tenants that include financial services firms Charles Schwab and AON. OmniTrax, a railroad company owned by the Broe Group that last week said it will buy a southern Colorado railroad out of bankruptcy, will also be moving in.
In February, BREG said Home Depot had leased 386,000 square feet in an industrial park the company is developing in southern Weld County. That’s a 20-year deal, Wells said.
“It’s a big year for us, and I really think it speaks to what we’re doing in terms of high-quality space,” he said.