Editor’s note: This story was updated to report the size of the office space Medtronic Inc. sold to Crescent Real Estate LLC.
Medical-device maker Medtronic Inc. recently offloaded its seven-building, 453,565-square-foot flex-office campus and nearly eight acres of undeveloped land in Gunbarrel to investment group Crescent Real Estate LLC for $36.5 million.
Boulder County public records show that the 5920 Longbow Drive facility was purchased by GPIF MT Boulder, an entity registered to Crescent’s Fort Worth, Texas, address. The GPIF stands for GP Innovation Funds, a unit formed after the 2016 combination of Crescent Real Estate Holdings and Goff Capital Partners.
The seller is listed as United State Surgical Corp., a former subsidiary of Covidien Plc. Medtronic bought Covidien in 2014 for $42.9 billion.
Covidien built the $18 million, 63,000-square-foot Gunbarrel research and development center in 2011.
Medtronic relocated two manufacturing lines out of the facility in 2016, according to media reports.
Dublin, Ireland-headquartered Medtronic is in the process of planning a new corporate campus in Lafayette after a similar attempt in neighboring Louisville failed to clear the city’s regulatory review process.
The firm is eyeing a roughly 42-acre parcel at a site just south of the Good Samaritan Medical Center to develop a nearly 600,000-square-foot complex.
Neither Medtronic nor Crescent were immediately available for comment Tuesday, so it is unclear whether the recent Gunbarrel sale is related to Medtronic’s efforts in Lafayette.
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