Colliers negotiates 32,000-square-foot sublease at 222 Main
Salt Lake City— Nutra Corp finalized a deal to sublease 32,000 square feet of Class A office space at 222 Main in Downtown Salt Lake City. Colliers brokers Jordan Wall and Kevin Long represented Nutra Corp, the tenant, with Chris Kirk and Travis Yates representing the sublessor, Perfectly Posh. Jordan Wall and Kevin Long negotiated lease terms directly with the building owner, California-based KBS Realty.
“Nutra Corp felt strongly about the ability to recruit and retain younger talent from this location while having mass transit located directly in-front of the building,” said Jordan Wall, executive vice president at Colliers International. “Nutra Corp is having the best growth in their company’s history and is consolidating two other locations within Downtown Salt Lake.
Though numerous companies require employees to continue to work safely at home amid the COVID-19 pandemic, many businesses are seeing tremendous opportunity to expand physical space throughout the Utah market.
“Nutra Corp was able to find a cost-effective option with the sublease that Perfectly Posh had listed,” said Wall. “It provided a turnkey option that was fully furnished and a new build-out so they quickly moved to capitalize on this opportunity. There are other opportunities in the market if companies are willing to take the risk and will sign a long-term lease. It’s a tenant’s market, but only if you’re willing to play and be in the market.”
Downtown Salt Lake City has experienced an influx of companies relocating within the central business district. With premier amenities, easy access to a newly expanded airport and a lively business network, Salt Lake City has evolved into one of the most business-friendly markets in the United States.
“Salt Lake City has truly evolved before our own eyes,” said Chris Kirk, managing director of the 111 Main Office at Colliers International. “The central business district is absolutely on the radar from companies looking to set up regional hubs or headquarters. As outside executives and workforce see the value of a vibrant Downtown Salt Lake City, in migration numbers are higher than ever before.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.