Utah-based developer Warren King has acquired a 500,000-square-foot office park in Provo and is rebranding the campus as East Bay Technology Park in a bid to reel in high-tech tenants.
Laurie Adair, Tab Cornelison and Scott Wilmarth of CBRE Inc. will handle leasing, and the firm’s asset services division is tasked with property management. The new owner and leasing team have some work ahead; the complex is about 60 percent vacant. That rate is several times higher than it is for the Greater Salt Lake City office market as a whole. Vacancy for the area is hovering around 18 percent, according to Marcus & Millichap Real Estate Investment Services Inc.
But King and the leasing team are betting that the property’s proximity to Interstate 15, and to the new FrontRunner South rail line linking Provo to Salt Lake City, will help expand its roster of technology tenants.
Built from 1986 to 1993, and renovated in 2009-2010, the six buildings are linked by a series of enclosed corridors and sky bridges. The complex had previously served as a campus for Novell, the software company.
Chart courtesy of Marcus & Millichap Real Estate Investment Services