5555 Central Avenue, located in Boulder, Colorado, and managed by BioMed Realty, received the 2026 Excellence in Adaptive Reuse Award from CRE Insight Journal. This award recognizes both newly converted adaptive reuse properties and assets that have undergone significant enhancements following a previous adaptive reuse conversion. 

5555 Central Avenue has transformed from a conventional office building into a modern research environment supporting life sciences, quantum technology, and advanced research and development users. 

The project began after BioMed Realty acquired Flatiron Park in 2022 and identified growing demand for laboratory and R&D space across the Denver-Boulder region. Instead of starting from scratch, the company chose to reposition an existing office asset for a new generation of research users. 

“Adaptive reuse was the right strategy for 5555 Central Avenue because it allowed BioMed Realty to convert a legacy office property into a high-performing research environment while preserving the building’s strongest existing elements,” said Shelby Casimir, Account Executive with BioMed Realty. 

The result is a building that retains part of its original structure while serving a different role. Through the adaptive reuse project, BioMed Realty preserved the building envelope, reducing demolition and limiting the need for new construction materials. The approach also shortened the project schedule, cut costs, and lowered environmental impact compared with a comparable ground-up development. 

“Retaining the building envelope reduced demolition and material consumption while accelerating the time to completion, delivering critical, specialized infrastructure to Boulder at a time when the market is seeing an uptick in tenant demand in the life sciences and technology industries,” said Shelby. 

BioMed Realty repositioned the property through its Velocity Labs offering to provide move-in-ready laboratory and office environments with robust infrastructure, allowing scaling companies to begin work on day one and adapt their space as research priorities evolve. This made it an ideal space for the Colorado Quantum Incubator, establishing a collaborative home for startups and academic partners working to strengthen Colorado’s quantum economy. The conversion reflects BioMed Realty’s tenant-first approach to strengthening the capacity of their portfolio to better support Boulder’s evolving innovation ecosystem. 

The building’s original office systems were not designed for modern research users, so major infrastructure upgrades were required. Improvements included increased power capacity, enhanced HVAC performance, better air handling, plumbing upgrades and other building systems needed to support laboratory and research activities. The adapted space now offers flexible laboratory and office suites that can serve users at different stages of growth. The project also included rooftop solar installations to support ongoing energy reduction efforts. 

“The redevelopment of 5555 Central Avenue converted 13,000 square feet of legacy office space into advanced laboratory and collaboration environments for the Colorado Quantum Incubator (COQI), creating a dedicated setting for quantum research to progress toward commercialization,” said Shelby. 

“The project also generated more than 600 construction jobs, extending its impact beyond the property and delivering a direct economic benefit to the Boulder community. Inside the COQI, BioMed Realty introduced specialized lab support and open laboratory space for laser research, supported by flexible systems such as overhead service panels, modular walls and mobile casework. Collectively, these figures demonstrate how the adaptive reuse of 5555 Central expanded Colorado’s scientific infrastructure while contributing to regional job creation and Boulder’s growing quantum economy,” said Shelby. 

The COQI illustrates how the building was adapted to support its new role. BioMed Realty combined two Velocity Labs suites to create the 13,000-square-foot collaborative hub, which was developed in partnership with CU Boulder, Colorado State University, Colorado School of Mines and Elevate Quantum. Since the incubator opened in 2025, it has supported startups, researchers, academic institutions and industry partners working to advance quantum technologies. Organizations including Quantum Rings and OEwaves now operate within the space. 

The incubator reflects the flexibility of adaptive reuse. The building was reconfigured to support specialized research, shared laboratory environments, technical collaboration and programming for an emerging technology sector. 

In April 2026, the Colorado Quantum Incubator announced the development of the nation’s first open-access quantum timing testbed. The testbed is intended to give companies, research institutions and government agencies a dedicated environment to validate and stress-test next-generation quantum timing technologies under real-world conditions. 

Beyond its physical upgrades, 5555 Central Avenue has changed how it interacts with the surrounding community. The building now serves as a gathering place for researchers, founders, students, investors and industry leaders through educational programming, technical workshops, networking events and industry discussions. 

Recent programming has focused on topics including cleanroom environments for quantum hardware, aerospace innovation, intellectual property and government contracting. Recurring programs such as the Quantum Café and Colorado Quantum Meeting Series give occupants opportunities to exchange ideas and build relationships across disciplines. 

During World Quantum Day, the incubator hosted a Women in Quantum gathering focused on mentorship, collaboration, commercialization, workforce development and the future of the industry. 

The adaptive reuse of 5555 Central Avenue demonstrates how an existing commercial property can be repositioned to meet changing market needs while extending the life of the asset. By preserving existing building elements, upgrading core infrastructure and creating space for specialized research users, BioMed Realty turned 5555 Central Avenue into a property that serves both tenants and the broader innovation community. 

“With the right approach, and the right existing infrastructure, underutilized spaces can be redeveloped to better serve their local economies,” said Shelby. “For our team, the award validates our vertically integrated expertise, creating flexible environments that support long-term discovery.” 

The project also reflects the importance of evaluating an existing property before deciding how to redevelop it. Early collaboration among owners, architects, engineers, operators and future users can also help identify structural and infrastructure requirements that may affect cost and design decisions. 

“The most important lesson for other commercial real estate owners is that adaptive reuse should begin with a clear understanding of market demand and a rigorous assessment of what the existing building can realistically support,” said Shelby. “Strong outcomes depend on early collaboration among owners, architects, engineers, operators, and future users, since structural limitations and infrastructure requirements can quickly reshape cost or design decisions.” 

In recognition of an adaptive reuse project that transformed an existing office building into a research environment for life sciences, quantum technology and advanced R&D users, 5555 Central Avenue, managed by BioMed Realty, has received the 2026 Excellence in Adaptive Reuse Award from CRE Insight Journal. 

CRE Insight Journal is the leading, on-demand resource for real estate professionals. It features a rapidly growing collection of real estate industry insight recorded in articles, webinars, publications, and videos. The CRE Insight Journal Awards program recognizes excellence in companies, people and properties in the CRE industry.   

Announcing Applications for the 2026 10 to Watch Program! CRE Insight Journal 10 to Watch recognizes the real estate industry’s top early career professionals. The awards program tells the stories of how emerging professionals are shaping the real estate industry through a variety of career pathways.  

Applications close on September 25, 2026, and winners will be announced in November 2026. Will you apply? Learn more at https://creinsightjournal.com/ten-to-watch/.   

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