The Rally Software Building in Boulder was recently sold to Texas-based Lionstone Investments. (Photo courtesy of CBRE)
The Rally Software Building in Boulder has been sold to Houston-based Lionstone Investments, commercial real estate firm CBRE announced Thursday.
The sales price for the 154,476-square-foot office property at 3333 Walnut St. was not disclosed. The property, built in phases in 1998 and 2014, was 100 percent leased to Rally Software at the time of the sale. Rally has a long-term lease commitment in place and its tenancy was not affected by the sale, according to a CBRE spokeswoman.
“Lionstone is thrilled to be in the Boulder market. This area is highly educated and is home to an innovative and growing tech industry,” said Lionstone Investments CEO Jane Page in a statement. “The Rally Software Building offers tenants top of the line amenities and the campus environment their talent prefers.”
MAV Development Company of Ann Arbor, Mich., and an investment entity managed by Seattle-based Washington Capital Management were the sellers.
“Many institutional buyers had been waiting for the right opportunity to buy in this dynamic market, and this was a solid fit,” said CBRE’s Mike Winn, who handled the sale along with Geoff Baukol and Tim Richey.
Founded in 2001, Lionstone Investments is a privately owned real estate investment firm that works with institutional investors and high net-worth individuals. The Rally purchase was on behalf of an undisclosed institutional client, .
Rally, which employs 500 people worldwide, including about 280 in Colorado, has also been the target of acquisition in its own right, with it would purchase the Boulder-based company. The acquisition was completed Wednesday, with .
Alex Riegelman works in the Rally Software offices in Boulder in 2014. (Denver Post file photo)
