KBS Leases 62,599 Square Feet at Class A Office Park in Salt Lake City, UT

Millrock Park, a four-building, 494,289 square-foot Class A office park
in Holladay, a prime  submarket in Salt Lake City, UT

 Salt Lake City, Utah (January 28, 2025) – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, signed 62,599 square feet of new, renewal and expansion leases in 2024, at Millrock Park, a four-building, 494,289 square-foot Class A office park in Holladay, one of the most desirable submarkets of Salt Lake City, Utah. Colliers Utah, the largest and top-performing commercial real estate firm in the state assisted KBS in the lease transactions.

 The ongoing leasing momentum at the property represents the appeal of best-in-class office space in key markets throughout the country, according to Gio Cordoves, regional president, Western U.S. for KBS.

 

Gio Cordoves

“Salt Lake City is known for its business-friendly policies, low taxes, access to a skilled workforce and a growing economy,” says Cordoves. “Millrock Park is uniquely situated to take advantage of the outdoor activities that the area is famous for such as, mountain biking and hiking, and it offers some amazing views from each of the buildings.”

 According to Colliers Q3 Office Report, Salt Lake City’s office market landscape is undergoing a significant transformation in the face of changing tenant preferences and economic conditions. Thanks to a flight to quality, tenants are migrating to high‐end Class A spaces with enhanced amenities. 

As such, Class A vacancy rates decreased while average asking lease rates increased for these desirable properties. Many of these companies are attracted to office properties like Millrock Park, notes Tim Helgeson, senior vice president at KBS and asset manager of the property.

Tim Helgeson

 “Millrock Park provides everything discerning businesses in this market are seeking in their office space, including an excellent location along the ‘East Bench’ of the Wasatch Mountain Range and top-tier amenities,” says Helgeson. “Companies have demonstrated strong interest in leasing at the property, and existing tenants are eager to either renew or expand their leases here.”

 

Constructed in 2005, Millrock Park offers easy accessibility to I-215, I-15, and Salt Lake City International Airport and is only minutes from a variety of ski resorts, including Snowbird, Alta, Brighton, Park City Mountain Resort and more.

 

Amenities at the property include a fitness center, tenant lounge, event center, structured parking, and outdoor gathering spaces. Millrock Park is situated near numerous hospitality and restaurant options.

 

Angela Kroneberger 

In addition, Millrock Park has some features that distinguish it from others in the market. The property’s concrete foundation is 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.

KBS leased 62,599 square feet of space at Millrock Park in 2024. Among the lease agreements are a regional energy development firm which signed a 14,077 square-foot expansion, local law firm Bennett Tueller Johnson & Deere signed a 2,356 square-foot new lease and Chargezoom Inc., a B2B payment automation company, is one of the latest tenants added to the property’s roster. 

Josh Smith

Chargezoom leased 11,321 square feet of space as it continues to grow. Additionally, Willmeng Construction, an Arizona-based commercial general contractor serving the Southwestern U.S., is leasing 5,851 square feet for its local Utah office.

 

Brandon Fugal, Josh Smith, and Angela Kroneberger at Colliers represented KBS in the lease transactions.

Brandon Fugal

“Interest in Millrock Park has accelerated as companies seek ways to recruit top talent and entice their teams back to the workplace,” says Fugal. “The property’s ideal location and high-end amenities, combined with the superior service for which KBS and Colliers are known for has generated an increased number of touring requests over the last few years.”

 Millrock Park is located at 6550 S. Millrock Drive in Holladay, Utah. For photos, please visit: https://kbs.com/property/millrock-park/.

 

Contacts:

Ginny Walker

KBS Senior Public Relations Director

949-417-6535

gwalker@kbs.com

 

Sophia Reznicek or Vivian Liu

The Smart Agency

949-438-6262

KBS@thesmartagency.com