GTIS Partners and Southern Land Company Complete Sale of Office Component of Rêve Boulder to Google

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Oct 07, 2021, 09:00 ET

NEW YORK, Oct. 7, 2021 /PRNewswire/ -- GTIS Partners ("GTIS"), a real assets investment firm that manages in excess of $4 billion in gross assets with a US focus on residential investments, and Southern Land Company ("SLC"), a national real estate developer of mixed-use developments and master-planned communities, completed the sale of the office component of Rêve Boulder, a mixed-use community located in a Qualified Opportunity Zone (QOZ) at 30th & Pearl Streets in Boulder, Colorado to Google. The office space will serve as an extension of Google's Pearl Place Campus, which is located across the street. GTIS and SLC previously announced in March 2021 the sale of the multifamily and retail components of Rêve Boulder for $151.25 million.

The four-story office building totals 124,000 square feet of interior space and over 6,000 square feet of outdoor terrace space on the fourth floor. The Rêve Boulder project was purposefully planned with a focus on the environment and surrounding community, including the creation of an expansive central landscaped public plaza and park, preservation and revitalization of the historic irrigation waterway that flows through the site, and building of new bridges, bicycle pathways and secure bicycle parking.

Tom Shapiro, President and CIO at GTIS, said, "We are very proud of this sale as it marks not just our first investment in the dynamic Boulder market and our first completed investment in an Opportunity Zone, but also because the execution demonstrates GTIS' ability as a firm to add value through best-in-class asset management and development. SLC has been an outstanding partner on this project, and we are excited to further that successful partnership moving forward."

Tim Downey, Founder and CEO of SLC, said, "We are grateful to have partnered with GTIS on the incredible Rêve Boulder project and are pleased to have completed the sale of the office component to Google, who will make great use of the space as they continue to grow and innovate in Boulder."

The Rêve Boulder site is in the heart of the Boulder Junction neighborhood, an established residential submarket that is also home to a host of retail amenities including Whole Foods and Twenty Ninth Street, a high-end shopping center anchored by Trader Joe's and Macy's.

The Boulder office market has benefited from the city's emergence as one of the fastest growing technology hubs in the country. As of Q1 2021, roughly 20% of Boulder's office using employment is tied to the information and technology sector, on par with San Francisco and behind only San Jose. Pre-COVID, demand consistently outpaced new deliveries, pushing vacancy rates down from about 8% in 2018 to about 6.75%. During that same period, rents grew 5%-7% year-over-year, outpacing the national average by a sizable margin.

Chris Chang, Director at GTIS, added, "We are pleased to have delivered a high-quality office asset to help support the growth of Boulder as one of the nation's leading technology hubs. We expect the office, residential and retail components of the project to be synergistic, with each component supporting demand for the others."

Rêve Boulder is one of four investments made by GTIS since 2009 across the Denver and Boulder markets. GTIS is also the financial partner of SLC on Bespoke Uptown in Denver, a new construction 10-story, 316-unit luxury apartment building completed in 2021.

Rêve Boulder is one of 12 Qualified Opportunity Zone investments made to date by GTIS, including seven investments made to date by GTIS' Qualified Opportunity Zone Fund I.

About GTIS Partners
GTIS Partners is a leading real asset investment and development firm headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Senior Managing Directors Thomas Feldstein, Josh Pristaw, João Teixeira, Rob Vahradian and Amy Boyle. The firm manages over $4 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as renewable energy infrastructure and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 130 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real assets private equity firms with holdings including office, residential, logistics, hospitality and renewable energy investments. Marquee assets in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel.

For more information, please visit www.gtispartners.com.

About Southern Land Company
Southern Land Company is a national real estate developer headquartered in Nashville, TN, with regional offices in New York City, Denver, CO, and Vallejo, CA. Founded by CEO Tim Downey in 1986, the company upholds stringent standards for design and quality in their single-family, multifamily, mixed-use, and hospitality developments. The fully integrated company combines a comprehensive set of services spanning the entire development cycle, including planning, design, construction, and marketing. The holistic business model enhances innovation and long-term viability on which investors, residents, and partners can rely. The current project pipeline is valued at over $2 billion. To learn more, visit www.southernland.com.

Media Contacts
Steve Bruce / Mary Beth Grover
ASC Advisors
(203) 992-1230
[email protected] / [email protected]

Jenna Lefever
Southern Land Company
(615) 778-2182
[email protected]

SOURCE GTIS Partners