November 29, 2012

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Article

Six Provo Office Buildings Sold

Press Release

November 29, 2012

The Salt Lake City office of CBRE announced that Utah developer, Warren “Pat” King, purchased a six-building office park that was formerly a part of Novell’s corporate campus in Provo, Utah. Financial terms of the sale transaction were not disclosed.

The newly named East Bay Technology Park will be leased and managed by CBRE team of Laurie Adair, Tab Cornelison and Scott Wilmarth. Additionally, CBRE’s Asset Services will oversee property management of the park. CBRE will have both a management and leasing office on site.

Currently, the park is 40 percent leased to several high-profile technology tenants and represents a significant opportunity to capitalize on an existing development in a campus setting. The park is well positioned for high-growth technology firms and is one the most attractive locations for an office park along the Wasatch Front.

The park consists of six office buildings on 28 acres of land. Each of the six office buildings are connected by enclosed corridors and sky bridges. Combined, the buildings offer nearly 500,000 square feet leasable office space. The park is situated near I-15 and has access to the newly opened FrontRunner South commuter rail line via a planned Bus Rapid Transit stop.

King said he purchased the property based on its superior space and location. King also stated: “We want to position this park to play a meaningful role in the high quality, high tech economic development of Provo, Utah County, and the state.”

The six buildings were constructed between 1986 and 1993. Three of the buildings were extensively renovated in 2009 and 2010. The site includes well-planned walking paths connecting the buildings and scenic outdoor areas in one of the most attractive office park locations along the Wasatch Front.

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