KBS Signs More Than 102,000 Square Feet in Leases at Class A Office Plaza in Salt Lake City, UT Metro to Global and National Companies

 Millrock Park office plaza, Holladay, UT

 HOLLADAY, UT – KBS, one of the largest investors in premier commercial real estate in the nation, announced that it has signed 102,928 square feet in leases at its Millrock Park asset in Holladay, Utah. These transactions included five new leases and two renewals with expansions.

Tim Helgeson

 The four-building, Class-A office plaza is located in one of the most desirable submarkets in the Salt Lake City metro area, which demonstrates that companies are continuing leasing activity despite the current environment, according to Tim Helgeson, senior vice president for KBS and asset manager of the property.

 The five new companies to sign leases include Dyno Nobel, a global leader in commercial explosives; and WSP USA, a leading global engineering professional-services firm. 

Other new tenants at the property include Kensington Capital, Insperity, and Banyan Venture Partners.

 “Given the current economic uncertainty, our ability to bring in five new tenants over the course of the last several months validates the strength of the local market, and the quality of our Millrock Park asset,” says Helgeson. 

“We repositioned the property in line with the demands of today’s top companies. These new leases highlight the strength of KBS and its comprehensive renovation strategy at the property.”

Giovanni (Gio) Cordoves

“We take a distinctive approach to our spec-suites, constructing fully furnished environments that are equipped with the latest in-demand amenities prior to having a committed tenant,” explains Helgeson. 

“This makes the process for new tenants seamless as they don’t have to build out their own space and can move right in. 

"Often, it’s difficult for tenants to visualize what they want in their space, and because of our deep expertise in the office sector, we recognize what they are looking for and can show it to them in our build outs even before they move in.”

“Utah has been actively identified as one of the most diverse economies in the country and is likely to continue to see a strong migration of new business to the area,” says Giovanni (Gio) Cordoves, regional president, Western United States, for KBS. 

“Our newly launched spec-suite program and amenity center at Millrock Park strategically positions us to capitalize on this ongoing migration as companies begin to re-open and return to their offices and capture the attention of companies by providing something that they can’t find in a typical office property.”

Cordoves adds, “There is definitely a flight to quality underway as companies today are seeking office properties that aid in attracting and retaining top talent. 

Jordan Wall

"Millrock Park incorporates creative amenities, open and outdoor community space and unique features that make it standout compared to other office assets in the region. 

"The new spec suites will simply complement all these features.”

Jordan Wall, senior executive vice president of Colliers International, represented KBS in the leases.

 “We understand first hand the value Millrock Park brings to its tenants as we are a tenant here ourselves,” says Wall. “We are proud to be among the companies renewing and expanding within this innovative campus environment and are excited to welcome the new tenants to the property, as well as help current tenants grow their spaces.”

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