Timpanogos Technology Park experienced strong office leasing activity
Provo— Timpanogos Tech Center (the former Novell campus), located at 1712 South East Bay Blvd in Provo, UT, has experienced strong leasing activity in 2020. Located in a rare Utah County Opportunity Zone, the park has landed some notable deals this year. Timpanogos Tech Center new ownership has spent the last 3.5 years investing and positioning itself as a state-of-the-art park, and it is paying off.
Timpanogos Tech offers functional, and relevant Class A tech finishes (new lobbies bathrooms, open ceilings), expansion opportunities, large open green spaces, on-site cafeteria, a spacious 8,535 square feet work out facility, Mercedes-Benz Van Shuttle Service, 24-7 on-site security, redundant fiber connections and basketball, volleyball, soccer, BBQ and outdoor lounge and more. The park also offers potential tax advantages for tenants leasing space within this Opportunity Zone.
The amenities and improvements of the park have resonated with the following companies as they have signed 5 to 15-year leases, taking advantage of the park’s amenities and expansion opportunities.
Chrysalis (Utah and Nevada’s number one service provider for adult handicap and traumatic brain injury citizens) signed a seven-year lease and expanded to over 15,000 square feet suite creating room for current and future growth.
Cricut, the industry leader of creative tools for do it yourself craft projects, took over 33,000 square feet full floor for five years.
Rocky Mountain University & Noorda Medical School recently signed a 15-year lease on over 58,000 square feet. Their total takedown in 2020 has totaled roughly 86,500 square feet. This commitment will offer Utah County a new accredited Optometry School in addition to their current Healthcare degrees in nursing, neurology, orthopedics, physical therapy, and more.
And Branded Entertainment Network, a brand integration and product placement company that undoubtedly has influenced you. When you see a product or brand in a movie, commercial, or an influencer collaboration BEN product placement likely coordinated the deal. BEN has expanded from just over 11,000 to almost 15,000 square feet and is currently building out its new space where they will reside for the next 8.5 years.
BEN, Chrysalis, Cricut, Rocky Mountain University & Noorda are the deals we have signed, with more negotiations in the works. “It has been exciting to reposition the asset and change the tenant experience for the campus. Furthermore, nurturing relationships with these successful companies have resulted in this place coming alive in South Provo”, said John Lake, head of real estate for the Landlord.
Josh Martin, Dan Donaldson, James Bullington, and Brandon Huntsman, the Parks Brokerage team from Colliers International, have enjoyed working hand in hand with John Lake and the real estate manager Jonathan Hawkes at CBRE property management. “John Lake and his team at Timpanogos Tech Center have been instrumental in being able to successfully navigate through the needs of the Tenants to get to deal terms that made sense for Long-Term commitments,” said Josh Martin of Colliers.
Keith Morey, Provo Cities head of Economic Development, stated, “During a time when companies can be hesitant to make definitive and long term commitments, I am excited to see these tenants commit to the park and our Provo community, knowing that this is the right decision even in uncertain times. ”
As South County offers more affordable housing options, we see a growing population of talented young programmers and engineers. Timpanogos Tech Centers proximity provides a lifestyle and commute that is consistent with South County living. Timpanogos Tech Centers favorable commute for residents from Payson to Pleasant Grove has been a key benefit for employers and employees.
As the number one commercial real estate services company in Utah, Colliers now maintains five offices along the Wasatch front with 240 local professionals.