HOUSTON, Texas (April 3, 2017)—Lionstone Investments, Goldman Sachs Asset Management (GSAM) Private Real Estate, and Crescent Real Estate LLC announce the acquisition of a portfolio of twenty-one buildings and a development site in Flatiron Park (the “Park”), located in east Boulder. Crescent Real Estate will continue their commitment to Boulder as the general partner in the ownership entity.

Established in 2001, the Park is a 200-acre master planned business park comprised of 52 buildings totaling 2.3 million rentable square feet. The properties acquired include a total of 859,158 square feet of creative office space which is currently 92% leased, in addition to a development site located at the main entrance to the Park.

“Flatiron Park is a compelling mix of durable, in-place cash flow with the opportunity for ground-up development in a supply-constrained market,” states Jane Page, CEO of Lionstone Investments. “The highly connected location and Crescent’s innovative repositioning of the Park to date have created an ideal environment for Boulder’s most productive people.”

Currently home to over one hundred innovative companies across diversified industries, Flatiron Park has a high concentration of technology-related firms as well as other companies who favor an open floor plan, creative office environment. Approximately sixty percent of the portfolio has been converted to flex office or creative studio, providing cutting-edge spaces for tenants competing to attract top employees.

“We are excited to continue the transformation of Flatiron Park into a true creative hub for the community’s innovative tenants who seek a differentiated experience relative to downtown Boulder,” notes Joseph Sumberg, Managing Director in GSAM Private Real Estate.

“Flatiron Park is known throughout the Boulder business community as the leader in delivering innovative and creative work environments,” notes Conrad Suszynski, Co-CEO of Crescent Real Estate. “Our competitive attributes, including dynamic space design, ability to accommodate large tenants, and plentiful parking have positioned Flatiron Park as the location for companies to connect, create, and innovate.”

The property is bordered by dedicated bike and pedestrian paths providing convenient access throughout Boulder, and it is easily accessed by auto or bus. Mature landscaping and mountain views provide a lush backdrop for amenities including various food trucks, a coffee shop, craft brewery, boxing gym, and Pilates studio. Future amenities include B-Cycle Superstations, an enhanced food truck experience offering more varied food options, and additional bike paths have been planned. For further information, please visit: flatironpark.com

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About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that specializes in conceptualizing, analyzing, and executing national investment strategies on behalf of institutional investors and high net worth individuals. Lionstone’s objective is to identify and execute smart investments by understanding the evolution of Internationally Competitive Cities, then pinpointing where the most productive people in America want to live and work—Places for Productive People.® Since its founding in 2001, Lionstone has consistently generated cycle-tested real estate investment performance that has exceeded peer and industry benchmarks. Lionstone’s investment DNA was, and continues to be, data-driven, and is its greatest point of differentiation from other firms. Using proprietary research tools and algorithms, a highly-skilled staff, and deeply-experienced leadership, Lionstone sources unique investment opportunities and effectively executes them nationwide. Please visit our website at: lionstoneinvestments.com

About Goldman Sachs Asset Management (GSAM) Private Real Estate
Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across all major property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, seeking to drive returns for investors through asset management initiatives including renovating and rebranding assets, and implementing energy and operating efficiency programs to realize cost savings. The group has over $1 billion of assets under supervision (AUS) as of December 31, 2016 and is part of GSAM, one of the world’s leading investment managers with more than $1 trillion in AUS globally.

About Crescent Real Estate
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor founded by its Chairman, John C. Goff, with assets under management totaling $1.65 billion. Through the recently established GP Invitation Fund I, Crescent will acquire, develop and operate all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s portfolio consists of 7,450 units of multifamily properties; 2.3 million square feet of creative office space; 610,000 square feet of Class A office properties in Colorado and Texas; and The Hotel Crescent Court in Dallas. Crescent is an affiliate of Crescent Real Estate Holdings, LLC, an award-winning owner and operator of premier real estate assets throughout the U.S., such as The Ritz-Carlton, Dallas; a newly developed Class AA office building, McKinney & Olive in Dallas; and the wellness lifestyle leader, Canyon Ranch.®

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