Salt Lake City — KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, signed 62,599 square feet of new, renewal and expansion leases in 2024, at Millrock Park, a four-building, 494,289 square-foot Class A office park in Holladay, one of the most desirable submarkets of Salt Lake City, Utah. Colliers Utah, the largest and top-performing commercial real estate firm in the state assisted KBS in the lease transactions.

Photo courtesy of KBS

The ongoing leasing momentum at the property represents the appeal of best-in-class office space in key markets throughout the country, according to Gio Cordoves, regional president, Western U.S. for KBS.

“Salt Lake City is known for its business-friendly policies, low taxes, access to a skilled workforce and a growing economy,” says Cordoves. “Millrock Park is uniquely situated to take advantage of the outdoor activities that the area is famous for such as, mountain biking and hiking, and it offers some amazing views from each of the buildings.”

According to Colliers Q3 Office Report, Salt Lake City’s office market landscape is undergoing a significant transformation in the face of changing tenant preferences and economic conditions. Thanks to a flight to quality, tenants are migrating to high‐end Class A spaces with enhanced amenities. As such, Class A vacancy rates decreased while average asking lease rates increased for these desirable properties. Many of these companies are attracted to office properties like Millrock Park, notes Tim Helgeson, senior vice president at KBS and asset manager of the property.

“Millrock Park provides everything discerning businesses in this market are seeking in their office space, including an excellent location along the ‘East Bench’ of the Wasatch Mountain Range and top-tier amenities,” says Helgeson. “Companies have demonstrated strong interest in leasing at the property, and existing tenants are eager to either renew or expand their leases here.”

Constructed in 2005, Millrock Park offers easy accessibility to I-215, I-15, and Salt Lake City International Airport and is only minutes from a variety of ski resorts, including Snowbird, Alta, Brighton, Park City Mountain Resort and more.

Amenities at the property include a fitness center, tenant lounge, event center, structured parking, and outdoor gathering spaces. Millrock Park is situated near numerous hospitality and restaurant options.

In addition, Millrock Park has some features that distinguish it from others in the market. The property’s concrete foundation is below ground, leaving 37% of the entire campus as green space. Additionally, the land that the asset is constructed on is unique as an office property site due to the dramatic elevation changes within the 22-acre campus, which creates dramatic view lines of the Salt Lake Valley.

KBS leased 62,599 square feet of space at Millrock Park in 2024. Among the lease agreements are a regional energy development firm which signed a 14,077 square-foot expansion, local law firm Bennett Tueller Johnson & Deere signed a 2,356 square-foot new lease and Chargezoom Inc., a B2B payment automation company, is one of the latest tenants added to the property’s roster. Chargezoom leased 11,321 square feet of space as it continues to grow. Additionally, Willmeng Construction, an Arizona-based commercial general contractor serving the Southwestern U.S., is leasing 5,851 square feet for its local Utah office.

Brandon Fugal, Josh Smith, and Angela Kroneberger at Colliers represented KBS in the lease transactions.

“Interest in Millrock Park has accelerated as companies seek ways to recruit top talent and entice their teams back to the workplace,” says Fugal. “The property’s ideal location and high-end amenities, combined with the superior service for which KBS and Colliers are known for has generated an increased number of touring requests over the last few years.”

Millrock Park is located at 6550 S. Millrock Drive in Holladay, Utah. For photos, please visit: https://kbs.com/property/millrock-park/.

About KBS

KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $45.2 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of Millrock Park and of the Salt Lake City real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause Millrock Park’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

About Colliers Utah

Established in 1998, Colliers Utah carries forward a legacy of excellence in service, offering extensive industry experience and market knowledge to achieve exceptional results for its clients. Operating from multiple offices, the company provides investment sales, landlord and tenant representation, property management, and valuation as well as consulting and advisory services for world-class industrial, multifamily, office and retail properties within Utah.

KBS Media Contacts:

Ginny Walker

KBS Senior Public Relations Director

949-417-6535

gwalker@kbs.com

Sophia Reznicek or Vivian Liu

The Smart Agency

949-438-6262

KBS@thesmartagency.com