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Sego Lily

Sego Lily, GCREIT holding

Property overview:

The property is a newly constructed 5-story office building in one of Salt Lake City’s most desirable submarkets.

The modern and creative office building attracts tenants seeking sustainable properties and/or strong amenities, including a gym, locker room, and ample parking.

Tenancy is 100% occupied by a diverse rent roll of nine tenants. A multi-tenant property lowers exposure to any single industry or tenant and creates smaller office suites which are easier to backfill.

The acquisition is located in the “Silicon Slopes” which is a destination for technology, biotechnology, education, retail, financial services, and creative firms.

Identified as a technology leader and millennial magnet, Salt Lake City is poised to attract and retain fresh talent from its universities offering a leading lifestyle wedged between a lake and two mountain ranges.

— Richard Kimble, Portfolio Manager

Global city themes:

Salt Lake City benefits from a highly diversified economy; aerospace, computer design, and life science have thrived thanks to a well-educated workforce and a lower cost of doing business.

Salt Lake City is a lifestyle leader and a millennial magnet. From 2016-2021, the tech workforce grew by 29%. As a percentage of the whole population, the 25-39 year old demographic makes up 23% of the population, which is the 6th highest in the nation.

Sego Lily, GCREIT holding
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Sources: Nuveen Real Estate, TechCrunch, Oxford Economics, CBRE-EA, CBRE. The properties pictured in the presentation represent select holdings at the time of publication and are not meant to represent the entire portfolio. The opinions expressed are reflective of the manager's views at the time of acquisition.

The properties pictured in the presentation represent select holdings at the time of publication and are not meant to represent the entire portfolio. The opinions expressed are reflective of the manager's views at the time of acquisition.