LOUISVILLE, Colo. (BRAIN) — Specialized Bicycle Components bought the award-winning office building here previously owned by Pearl Izumi, for $14.9 million.
The company said Thursday that it would use the space for an innovation center.
"We have known for quite some time that we have outgrown our current innovation center in Boulder. This is our best economical option in the area. Our commitment to bring radically innovative bikes, equipment and experiences to riders requires investing in functional, inspiring, and collaborative workspaces for our teammates. We are greatly looking forward to the future of this new innovation center," the company said in a statement to BRAIN.
Pearl Izumi moved into the 55,000-square-foot building in 2013. The custom-built building features locally sourced materials and sustainable features. In 2014 it was honored by the Colorado and Denver chapters of The American Institute of Architects.
Pearl Izumi was owned by Shimano from 2008 until last May, when it was purchased by United Sports Brands, the parent of Nathan, Cutters, and Shock Doctor, among other brands.
In September USB said it was reducing staff and vacating the building.
At the time, Michael Magerman, USB's president and CEO, said the building had been "mostly vacant" since the acquisition because many employees began working from home during the pandemic. Some of the brand's workforce was already dispersed before the pandemic.
"In an effort to maximize efficiencies, USB will move the remaining functions and people to remote work or relocate them from Colorado to USB's California location. USB has already made significant investments into the brand and we intend to invest in and grow the business for many years to come," Magerman said in a statement to BRAIN.
Some Pearl Izumi employees were given the option to relocate to USB's headquarters in Fountain Valley, California, or to work remotely.
Records maintained by Boulder County, where Louisville is located, show that the deed for the building was transferred Dec. 28 from DASHAMERICA, Inc. (the parent of Pearl Izumi) to Specialized for $14,940,339. Magerman, listed as the CEO of DASHAMERICA, signed the deed.
Specialized operates an Experience Center in nearby Boulder.
