KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces it has signed 24,280 square feet in new leases and lease renewals with five national and local tenants at Millrock Park, a four-building, 494,289 square-foot Class A office park in Cottonwood Heights, one of the most desirable submarkets of Salt Lake City, Utah.
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KBS' Millrock Park in Salt Lake City (Photo: Business Wire)
“The current challenging office environment has spurred a flight to quality, especially for many smaller tenants in the market,” says Giovanni (Gio) Cordoves, Western regional president for KBS. “KBS has seized this opportunity to provide top-tier office space for these companies in markets like Salt Lake City that are positioned for stability and growth.”
KBS has a history of identifying operating strategies that keep its properties performing at a high level, notes Tim Helgeson, senior vice president at KBS and asset manager for Millrock Park.
“Excellent location and the right amenities can make a significant difference in office leasing outcomes, and KBS is proficient at delivering both,” says Helgeson. “These elements continue to attract new tenants to the property and signal it as one of the most desired locations for office users in the market.”
Constructed in 2005, Millrock Park is situated along the “East Bench” of the Wasatch Mountain Range in Salt Lake City. Its location offers tenants easy accessibility to I-215, I-15, and Salt Lake City International Airport. The office park is only minutes from a variety of ski resorts, including Snowbird, Alta, Brighton, Park City Mountain Resort and more.
Common amenities at the property include a fitness center, tenant lounge, event center, structured parking, and outdoor gathering spaces. Millrock Park is situated in close proximity to numerous hospitality and restaurant options. The asset is also LEED-Certified and has achieved the UL Verified Healthy Building Mark for Indoor Air.
Millrock Park has some features that distinguish it from others in the market. The property’s concrete structures are hidden 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.
“This unusual topography strongly positions this asset over all other office properties in the Salt Lake Valley,” says Helgeson.
Companies that have recently signed new leases with KBS at Millrock Park include:
- Phalynx Ventura, a Quant Fund managed by a group with strong, diverse investing and operating skills, for 7,147 square feet
- Mountain View Mortgage, a Utah-based mortgage company, for 5,851 square feet
- Stratus Real Estate Solutions, a local real estate services firm, 3,900 square feet
Tenants that have signed lease renewals with KBS at Millrock Park include:
- Truist Financial Corporation, a national banking firm, for 3,706 square feet
- Square Inc., a web-based payment service company, for 3,676 square feet
Brandon Fugal, Josh Smith, and Angela Kroneberger, represented at Colliers International, represented KBS in the lease transactions.
“Millrock Park’s ideal location and amenities, along with KBS’ impeccable reputation, have sparked considerable interest in the property from local office users,” says Fugal, Chairman at Colliers International. “In addition, KBS’ ability to provide excellent service continues to facilitate lease renewals at this asset.”
Millrock Park is located at 6550 S. Millrock Drive in Holladay, Utah.
Please find photos of the property here.
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 $44.7 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime 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 Plaza 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 Plaza’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.