Denver-based Broe Real Estate Group signed giant semiconductor maker Micron Technologies Inc. as lead tenant for its 25-acre Longmont innovation campus known as MAX Technology Center, according to a news release.
Broe officials are calling the 207,000 square-foot lease "the largest flex lease space in the state this year."
Alvarez & Marsal Capital Real Estate LLC partnered on the deal.
Boise, Idaho-based Micron (NASDAQ: MU) is the world's fourth largest semiconductor maker producing computer memory and data storage. The company had 43,000 employees and $27.7 billion in annual revenue in 2021, according to published reports.
MAX, located in Colorado’s "technology triangle," offers 475,000 square feet "designed to attract talent through the building systems and upgraded design," according to the release. It's geared for life sciences, advanced manufacturing and creative office users.
It's been quite a year for Broe, as the Micron lease was just the latest in a string of victories for the company. It also signed Home Depot, Lineage Logistics, AON, and Charles Schwab to leases of its Colorado properties in 2022. Company officials say the leases represent "a $350 million investment into Colorado through these Fortune 500 projects."
“MTC is the culmination of thoughtful partnership, planning, and investment necessary to reposition an existing asset into a vibrant campus attractive to life sciences, advanced manufacturing and flex office tenants,” Broe CEO Douglas Wells said in the release.
Micron is one of the city’s largest private-sector employers, according to Longmont Economic Development Partnership President and CEO Jessica Erickson. She noted that the center has created an economic driver for both Longmont and the region as the collective semiconductor industry holds a $35M annual economic impact locally.
MAX, located at 2452 Clover Basin Drive, was built in 1989 and renovated for an expansion in 2001 to support the growth of Maxtor Corp., now known as Seagate Technology. Seagate left the property in 2007 but continued to pay its long-term lease payments until 2016. After the lease expired, the property was “a deed in lieu of foreclosure transaction to a special servicer,” according to a statement from Broe.
“The life science and advanced manufacturing sectors are poised to withstand current market headwinds, with Boulder County – a top life science destination in the US – being a direct beneficiary of the continued growth and onshoring of these companies,” Alvarez Co-Founder and CEO Hugh G. Hilton said in the release.
“The Broe Group continues to attract high quality tenants that bring high paying jobs to Colorado and it's especially gratifying to see a Colorado developer investing in our state’s future,” Denver Metro Chamber of Commerce President and CEO J.J. Ament said in the release. “These Fortune 500 projects are exciting additions to our dynamic economy – and evidence that our whole region can support world class projects.”
CBRE’s Erik Abrahamson handles the MAX leasing.
