February 27, 2012

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah


Martin Plaehn

Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

In the Lab

Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

A Breath of Fresh Air

Worst-Case Scenario

Regional Report
Northern Utah

Measure Up

Industry Outlook
Travel & Tourism



CBRE Secures Listing of Novell’s Building Portfolio

Press Release

February 27, 2012

The Salt Lake City Office of CBRE Group, Inc. (CBRE) announced that it has been selected by Novell, Inc., a global enterprise software leader and wholly owned subsidiary of the Attachmate Group, to arrange the sale/leaseback of Novell Tower and the sale of six office buildings in the adjacent East Bay Business Park. The campus includes a total of nearly 900,000 SF of office space.

The sale/leaseback of Novell Tower will encompass Novell’s eight-story, 379,346 SF corporate headquarters building and a 26,353 SF annex building that currently houses an employee cafeteria. Nestled between the Wasatch Mountain range to the west and Utah Lake to the east, Novell Tower is widely considered one of Utah’s most picturesque and recognizable office buildings. Upon the sale of the property, Novell will lease both the Tower and the annex building from the new owner for an initial term of 10 years. Novell Tower will continue to serve as the corporate headquarters for Novell, and it will also continue to serve as a significant hub of global operations for Novell’s parent company, The Attachmate Group, Inc. Novell will continue to operate and manage the day-to-day operations of the property without change after the sale.

“Provo is the center of technology and technological innovation in Utah, and Novell has been a big part of this city’s evolution and rich history,” said Bob Flynn, president of Novell. “With more than 30 years in this city, and a firm commitment to our headquarter location anchored by Novell Tower, both Novell and the Attachmate Group look forward to being a significant part of Provo’s exciting future."

The East Bay Business Park is situated on 27.9 acres and boasts a dynamic corporate campus environment. This parcel is a recently rebranded, multi-tenant property comprised of six, low-rise Class A office buildings totaling 492,775 SF. Additionally, this property is segmented into Lot 2 (Buildings A-D) and Lot 3 (Buildings E-F); these two lots may be acquired together or separately.

The East Bay Business Park, which is 39.4 percent leased due to Novell’s consolidation into the Novell Tower, will present investors with significant upside potential.

“The quality of these assets coupled with the fact that professional and business services jobs are expanding at 11 percent annually in Utah County means that an investor has the opportunity to create significant value. That rate of expansion is more than twice Salt Lake County’s and approximately 11 times the national average,” said Eric Gustafson, vice president at CBRE, one of the listing brokers.

Utah Business Social
UB Events View All
Best Companies to Work For 2015Utah Business Event
Dec 10, 2015
Utah Business magazine is thrilled to announce the 2015 Best Companies to Work for Event! This y...
Community Events View All
Empowering Self and Others: Become and Awakener
Dec 1, 2015
Uncover the secrets of empowerment. Whether you are a parent, a teacher or a Coach, you’ll find ...
Secrets to Financing your Business
Dec 1, 2015
Register: https://www.eventbrite.com/e/december-1st-secrets-to-financing-your-business-tickets-19...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
* Event Description: