Salt Lake City office campus signs 170,000 SF of leases in ten deals
Salt Lake City — The Cottonwood Corporate Center in Salt Lake City has experienced strong office leasing activity over the past year, with 10 tenant signings totaling approximately 170,000 square feet of occupancy secured since March 2020. Owned by Hines Global Income Trust, Inc., a fund sponsored by Hines, the Cottonwood Corporate Center is a 490,030-square-foot Class A midrise suburban office campus comprising two (2) five-story and two (2) six-story buildings.
The project’s tenant activity over the last year has consisted of new, expansion, and renewal lease transactions across a variety of industries, including professional, financial, legal, pharmaceutical, engineering/design, and real estate headquarters.
Cushman & Wakefield’s Dana Baird, CCIM, executive managing director, Mike Richmond, executive managing director and Amanda Lawson, director represented Hines in each of the transactions, which included the following 10 deals (sorted by size):
Headquarters lease renewal and expansion totaling ±92,000 sf with Extra Space Storage
New lease of ±23,000 sf with an engineering firm
Lease renewal and expansion of ±19,000 sf with nCino
Lease renewal and expansion of ±12,000sf with KPMG
New lease of ±6,500 sf with a pharmaceutical company
Lease renewal and expansion totaling ±6,000 sf with Sepio
New lease of ±4,000 sf with Marlin Leasing Company
New lease of ±3,600 sf with Quinn Emanuel Urquhart & Sullivan, LLP
New lease of ±3,500 sf with One Partners
Lease renewal of ±3,000 sf with B.O.S.S. Retirement Advisors
Dana Baird says, “We are thrilled to be able to announce this recent robust activity at this exceptional project, and with so many high-quality tenants across a broad spectrum of uses. Salt Lake City remains a desirable location and we believe this to be indicative of more future activity at the project and throughout the region.”
Mike Richmond adds, “In addition to a superior location convenient to several freeways and numerous off-site amenities for employees and guests, Cottonwood Corporate Center also offers tenants an assortment of on-site amenities including a fully-equipped fitness center as well as a new conference center and an outdoor patio and tenant lounge are also in process of being built that we think will excite tenants.”
“This momentum is a reflection of companies who are working to reintroduce the importance of company culture and the need for collaboration by returning to office,” says Dusty Harris, senior managing director at Hines. “We are excited to welcome tenants back to Cottonwood Corporate Center smartly and safely when they are ready.”
Cottonwood Corporate Center was originally developed in the late 1990s/2000 and located in the Cottonwood suburb is one of Salt Lake City’s most prestigious locations. Nestled at the foot of the Wasatch Mountains, the project overlooks most of the Salt Lake Valley. The location also provides immediate access to Interstate 215 and convenient to Interstates 15 and 80 and other freeways and is just 20 minutes from downtown Salt Lake City, Park City and the Salt Lake City International Airport. Four ski resorts are also just minutes away, and nearby are several premier hotels, many popular restaurants and the Old Mill Golf Course. The project is LEED certified and an Energy-Star rating.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation, and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped, or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.