Binswanger Secures Buyer for AstraZeneca’s former 178,713 SF Biopharma Manufacturing Facility in Boulder, CO
The highly specialized building, sold to AGC Biologics, will be used as a contract manufacturing biopharma facility to produce generic form drugs
Philadelphia, PA – 6.1.2020 – Binswanger Commercial Real Estate Services, an innovator in commercial real estate since 1931, today announced the sale of a 178,713 SF a state-of-the-art commercial manufacturing facility at 5550 Airport Boulevard in Boulder, Colorado. The deal was led by Binswanger’s Eric Dienstbach, Senior Vice President and Partner, based out of Binswanger’s Denver office. Additional technical support was provided by Jim Kilcourse, Senior Vice President – Life Sciences, and Ken Anthony with Exyte.
The property, set on more than 20 acres, was formerly a production facility for AstraZeneca. The facility was purchased by AGC Biologics, a global biopharmaceutical Contract Development and Manufacturing Organization (CDMO).
“Binswanger is known for finding buyers for highly-specialized and frankly challenging to sell facilities throughout the world,” stated Eric Dienstbach, Senior Vice President and Partner with Binswanger. “This deal underscores that good things happen when states and regional economic development councils like Boulder’s work closely with real estate professionals and international companies. Despite pandemics and any other challenging economic circumstances, we were able to find the right buyer. In the end, everyone wins, especially the community of Boulder and the nearly 300 people who will soon be employed here.”
The state approved $6.4 million for Colorado’s Job Growth Incentive Tax Credit program, so long as the company can produce 280 net new jobs over the next eight years. In addition to the state’s incentives, the City of Boulder offered a $75,000 incentive package. The facility is expected to begin full-scale operations and manufacturing by April 2021.
“Finding a new owner for this facility has been a top priority for the Boulder Economic Council,” said Clif Harald, executive director, Boulder Economic Council at the Boulder Chamber of Commerce. “We couldn’t be more excited to see this special manufacturing facility brought back online by a global leader in the production of advanced bioscience therapeutics.”
The facility is a large-scale biopharmaceutical manufacturing facility that houses two 20,000 liter (total volume) stainless steel mammalian cell bioreactors. It also sits on more than twenty acres which provides ample room for expansion. Given the buildings level of automation, it’s well suited for high volume commercial production and high titer antibody processes.
“The addition of this facility supports AGC Biologics’ company-wide expansion initiative, which demonstrates our dedication to support our customers’ demand for mammalian projects, now and into the future,” said AGC Biologics CEO Patricio Massera. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company.”
Known for consistently producing well-educated talent, Boulder has become a popular setting for a variety of talent-rich large companies. It is home to several Fortune 500 companies, including Qualcomm, IBM, General Electric, and Lockheed Martin. Tech giants including Google, Uber, Amazon, and Twitter also have a presence in Boulder.
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.
About AGC Biologics
AGC Biologics is a leading global Contract Development and Manufacturing Organization (CDMO) with a strong commitment to deliver the highest standard of service to clients and partners. The company currently employs more than 1000 employees worldwide. AGC Biologics’ global network spans three continents, with cGMP-compliant facilities in Seattle, Washington; Copenhagen, Denmark; Heidelberg, Germany; and Chiba, Japan. AGC Biologics offers deep industry expertise and unique customized services for the scale-up and cGMP manufacture of protein-based therapeutics, from pre-clinical to commercial mammalian and microbial production. Integrated service offerings include plasmid (GMP pDNA) manufacturing, cell line development, bioprocess development, formulation, analytical testing, antibody drug development and conjugation, cell banking and storage and protein expression, including the proprietary CHEF1® Expression System for mammalian production. Learn more at www.agcbio.com.