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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.