Broe Real Estate Group, Alvarez & Marsal Capital Real Estate Partner to Attract Fortune 500 Company
DENVER – October 20, 2022 – Broe Real Estate Group (BREG), the wholly-owned subsidiary of the multi-billion-dollar, Colorado private investment firm, The Broe Group, in conjunction with Alvarez & Marsal Capital Real Estate (A&M CapRE), the real estate investment management arm of Alvarez & Marsal, has signed Micron Technologies, Inc. as the lead tenant for their new joint venture, MAX Technology Center (MTC). The 207,000 square foot Longmont lease marks Colorado’s largest flex lease of the year.
“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,” said BREG CEO Douglas Wells.
Strategically located within Colorado’s technology triangle, the 475,000 square foot facility is the culmination of an extensive $100M transformation of the former manufacturing facility. The redevelopment includes enhanced interior and exterior common area amenities, upgraded campus façade, and extensive investment in building systems designed to assist employers in attracting and retaining talent. MAX Technology Center’s highly-amenitized environment now caters to life science, advanced manufacturing, and creative office users.
“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,” said A&M CapRE Co-Founder and CEO Hugh G. Hilton.
Acquired in 2017, MAX Technology Center’s 25-acre innovation campus is the largest block of contiguous office space in Colorado. With the successful close of MTC’s lead tenant, leasing continues to be led by CBRE’s Erik Abrahamson.
“The development of the MAX Technology Center has created an important economic driver for Longmont and the region,” said Longmont Economic Development Partnership President and CEO Jessica Erickson. “With more than 200 employees already in Longmont, Micron is one of the city’s largest private sector employers and a global leader in semiconductor manufacturing. Locally, the collective semiconductor industry represents a $35M annual economic impact. The opportunity to retain and support Micron’s growth at the newly imagined MAX Technology Center will have a lasting positive economic effect on our community and will serve as a catalyst for the remaining campus occupancy.”
About Broe Real Estate Group
Broe Real Estate Group, an affiliate of The Broe Group, acquires, develops, and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group has a 50-year history of value-add real estate investing in Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com
About The Broe Group
Founded in 1972, The Broe Group is a private, multi-billion-dollar investment group with diversified holdings in real estate, rail, infrastructure, energy, agriculture, water, healthcare and technology throughout 37 North American states and provinces. Its deep operational knowledge derived from owning and operating multi-billion-dollar businesses and the global economic insights gleaned from serving its vast Fortune 500 clientele are strategic differentiators. The Broe Group’s entrepreneurial focus enables it to find true value wherever it resides. For more information, visit broe.com.
About Alvarez & Marsal Capital Real Estate, LLC
Alvarez & Marsal Capital Real Estate, LLC is the value-add real estate investment arm of Alvarez & Marsal, Inc. A&M CapRE owns and manages commercial real estate assets across the Western U.S. with a focus on the adaptive re-use and repositioning of existing assets across product types. Institutional real estate experience, combined with a heritage in corporate turnarounds and restructuring, has positioned A&M CapRE to capitalize on real estate opportunities across all phases of real estate market cycles. For more information, visit www.amcapitalre.com and www.alvarezandmarsal.com.