SALT LAKE CITY — X Development (“X Dev”), a Utah-based real estate investment and development firm focused on creating value in high-growth markets, announced the acquisition of one of Utah’s premier office campuses in Lehi. The portfolio comprises five Class A buildings totaling approximately 750,000 square feet over 34 acres, located directly along Interstate 15 in the heart of the Silicon Slopes corridor. The deal ranks as Utah’s largest this year, underscoring investor confidence in the state’s thriving economy.
“We pursued the property because it represents everything we value in an investment — strength, stability, and opportunity,” said Eric Towner, Principal of X Dev. “It’s the region’s most prominent campus, home to leading technology and professional-services companies, and it has shown remarkable resilience through and after the pandemic with 95 percent occupancy. Beyond the fundamentals, we see this as a place where business and community intersect. Our vision is to enhance the property into a vibrant hub that not only delivers long-term value for our investors but also fuels economic growth and creates an environment where Utah’s talent and companies can thrive.”
As part of the acquisition, X Dev has renamed the property from Thanksgiving Station to Triumph Center — a bold new identity that reflects both the project’s premier status, its location on Triumph Boulevard, and the company’s vision for its future. The name Triumph Center embodies momentum, resilience and forward progress — qualities that define Utah’s economic story and X Dev’s approach to real-estate investment. The rebrand marks the beginning of an extensive repositioning effort to elevate the campus into Utah County’s flagship corporate destination.
“Renaming the project Triumph Center represents more than just a change in signage — it’s a statement about where this property is headed,” said Karla Mata, Vice President of X Dev. “Our goal is to create an environment that stands for excellence, energy and success.”
With the acquisition complete, X Dev will immediately begin integrating the campus into its portfolio, focusing on tenant-experience enhancements, sustainability upgrades, and a refreshed brand under the Triumph Center name — positioning it as Utah’s premier corporate destination. And as companies refine their post-pandemic workplace strategies, X Dev expects strong demand for high-quality, amenity-rich campuses. While many organizations are opting for smaller footprints, they’re prioritizing better locations, flexibility, and design to attract and retain top talent. This ongoing “flight to quality” is expected to benefit Triumph Center and strengthen its position as a model for the modern office environment in Utah.
“Triumph Center represents a once-in-a-generation opportunity,” added Steve Hutchings, Principal of X Dev. “We’re already seeing renewed energy in the market as companies and employees return to the office. The highest-quality properties are set to experience a surge in demand — and we’re ready to meet it. Our goal is to create a high-energy, vibrant environment where businesses can thrive and people want to be.”
In conjunction with the acquisition, X Dev announced it will relocate its corporate headquarters from Sandy to Triumph Center. The move underscores the firm’s confidence in the Lehi corridor and its commitment to anchoring its operations in the heart of Silicon Slopes.
“Relocating our headquarters to Triumph Center is symbolic of our belief in this property and in Silicon Slopes’ continued growth,” said Eric Towner, Principal of X Dev. “Real estate is a local game. By planting our flag here, we’re not just owners, we’re participants in the community we’re investing in.”
X Dev expressed appreciation to JLL’s David Nixon, Newmark’s Bryce Blanchard and The Shannon Team at Newmark, and Phil Brierly of CBRE for their expert roles in the transaction’s success.
For more information, visit www.xdevelopmentgroup.com.
About X Development
Founded with a laser focus on high-growth, location-driven opportunities, X Development is dedicated to developing, acquiring, and managing real estate assets that deliver enduring value and provide high-quality experiences. From strategic partnerships to full-cycle development capabilities, X Dev brings creative, reliable, and experienced leadership to complex projects.
About the Market
The Lehi region and I-15 corridor continue to attract technology and professional-services users drawn to the area’s strong labor pool, infrastructure, and quality of life. Utah County alone added more than 21,000 new residents in 2024—over 40 percent of the state’s total growth¹—while the state’s tech sector grew roughly five percent year over year². At the same time, office attendance nationwide has rebounded to about 80 percent of pre-pandemic levels, with companies gravitating toward Class A, amenity-rich campuses that foster collaboration and flexibility³. As companies re-evaluate workspace needs, high-amenity, flexible campuses like Triumph Center remain key anchors of Utah’s ongoing economic growth.
¹ Kem C. Gardner Policy Institute –Utah State & County Estimates Annual Report 2024. Link
² RecruitingConnection –Utah Tech Industry: Key Statistics & Hiring Trends (May 2025). Link
³ JLL –U.S. Office Market Dynamics, Q3 2025. Link