A streak of new leasing activity shows continued demand for office space in Salt Lake City
Salt Lake City—A total of 41k SF of recent activity, including new leases, renewals, and expansions at Stanton Road Capital’s Union Park Center III and IV demonstrates the continued demand for office space in Salt Lake City from a range of sectors.
The two-building, Class “A” office property located in Cottonwood Heights has attracted new tenants such as healthcare tech firm, SaVia Health, HighPointe Financial Advisors and Direct Mortgage, Corp. While several existing clients have both renewed and expanded their space, including engineering firm, POWER Engineers, and equipment rental company, Flex Fleet.
Stanton Road Capital, who has offices in Park City, acquired the 198,423 SF complex in 2021 and has invested significant capital throughout the property, including full renovation of both 2- story lobbies, implementation of tenant relation technology, and the addition of new spec suites for tenants who want smaller, turn-key space.
Union Park Center offers a strategic, infill suburban location in greater Salt Lake near Interstates 215 and 15. The location is also walkable to an abundance of retail, shopping, dining and other amenities that surround the property. Building III and IV each offer stunning views of the Salt Lake Valley and surface parking at a current ratio of 4.0/1,000.
“Our investment Union Park Center was based on the long-term opportunity we believe Salt Lake City presents,” said Tim Ronan, Jr., Founder and Managing Partner of SRC. “We’re pleased to create and build the relationships we have with our tenants at Union Park and see the ongoing growth and corporate relocations to the area only continuing.”
Dana Baird of Cushman & Wakefield handles leasing for Union Park Center III and IV.
About Stanton Road Capital
Stanton Road Capital, LLC (“SRC”) is a private investment management firm focused on direct commercial real estate investments and select private equity strategies. Founded in 2013, the Principals of SRC have acquired over $7.0 billion of commercial and residential real estate. SRC currently owns and operates a national commercial and residential property portfolio in excess of 6 million square feet and 2,500 residential units and is actively investing on behalf of its institutional, family office, and private capital partners. SRC targets opportunistic, value-add, and core plus commercial properties in addition to ground-up residential developments in Texas, Salt Lake City, select major Midwest markets and across the Southeas
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.