SANDY, UT-KBS Capital Advisors has signed four long-term new and renewal leases totaling more than 78,000 square feet at South Towne Corporate Center here in the Salt Lake City suburb of Sandy, UT. Constituting more than 30% of the 248,352-square-foot building, the leases bring total occupancy of South Towne Corporate Center to more than 93%.
The class-A two-building office property was acquired in 2007 as part of the KBS REIT I portfolio. The four leases include: Ampian Staffing, a staffing organization headquartered in Salt Lake City, inked a new lease for 3,810 square feet in Building I; SecureAlert, an international provider of electronic monitoring systems, case management and services, finalized an expansion agreement of 3,356 square feet in Building I, bringing its total building presence to 11,462 square feet. The company is headquartered at South Towne Corporate Center; Moreton & Co. of Salt Lake City, signed a lease extension and expansion from 3,356 square feet to 5,658 square feet in Building II; and E*TRADE Financial Corp., a financial services company based in New York City, renewed a lease totaling 65,388 square feet in Building II.
Scott Wilmarth of CB Richard Ellis in Salt Lake City represented E*TRADE Financial Corp. and Moreton & Co. Cody Black of Coldwell Banker in Salt Lake City represented Ampian Staffing in the lease agreement. Nadia Letey of CBRE’s Salt Lake City office represented KBS in all four transactions. KBS also owns the 190,320-square-foot, 13-story Parkside Tower in downtown Salt Lake City, for a total of 438,672 square feet in Utah.
The complex contains two six-story buildings, each with a two-story atrium lobby accentuated with maple panels and granite tile. The 124,046-square-foot Building I was completed in 1999, and Building II was completed seven years later with 124,306 square feet. Each building also has an attached three-level parking structure that holds a total of 592 parking spaces. The 10.7-acre site also offers an additional 730 surface parking spaces.
Other building tenants include New York Life Insurance Co., Sequoia Group Inc. and Assist Cornerstone. “KBS continues to capitalize on improving business trends by signing new leases and reinforcing its commitment to existing Salt Lake City-area tenants,” says Steve Silva, senior vice president and asset manager at KBS. “South Towne Corporate Center is a well-located property that offers discriminating space users an ideal environment to expand their business.”
GlobeSt.com could not acquire further lease terms by deadline.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
