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View 57 in Boulder Sells for $327 per Square Foot

Denver, CO (08/12/2019)

11:30 AM

Newmark Knight Frank (NKF) has announced that an investment partnership led by Element Properties, a Boulder-based real estate developer and investor, has sold View 57 for $9,950,000 or approximately $327 per square foot. The 30,464-square-foot office building located at 1855 S. 57th Court in Boulder was purchased by McGarvey's Shoal LLC. NKF's John Jugl represented the seller, 57th Element, LLC.

"View 57 is a 100% leased, newly transformed creative office building located in Boulder's highly coveted Flatiron Business Park, Boulder's most established business park located in East Boulder," noted Newmark Knight Frank Capital Markets Western Region Vice Chairman John Jugl, who led the team providing exclusive marketing services for View 57.

"View 57 is a great example of Element's ability to acquire, renovate, reposition, and stabilize an asset in a great location" stated Element Properties Principal and Director of Development Catherine Bean.

"Major draws include an updated lobby and common areas incorporating sophisticated modern finishes, stunning Flatiron views and a surrounding area including some of the nation's most prestigious and newly founded tech companies," Jugl continued. "These foundations will allow the new owner, GEM Land Company, to retain and attract sought-after tenants such as Canvas Technology, an Amazon-acquired company, which leases nearly a third of View 57."

View 57 has been tastefully reconditioned to attract Boulder's best tenants looking for a first-class creative office environment in Flatiron Business Park. Originally an R&D lab facility, View 57 has been completely redesigned into a boutique, creative office project that includes a newly renovated lobby, an overhaul of the exterior, 11'-12' exposed ceilings, updated HVAC systems, addition of windows and showers and lockers on both floors.

The creative office property's location at the southern end of the business park provides great views of the Flatirons and close proximity to the services and amenities available to tenants and visitors. "View 57's profile creates an attractive opportunity for GEM Land company to own a fully stabilized boutique creative office asset with minimal costs in Boulder's most prominent commercial complex," concluded Jugl.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307