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.
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.