NGKF Capital Markets has completed the sale of South Towne Corporate Center, a two-building, Class A office property totaling 262,219 square feet in Sandy, UT, a suburb of Salt Lake City.
NGKF Capital Markets’ President of West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Rick Stumm and Eli Mills with CBRE represented the seller, a joint venture between Oaktree Capital Management and Hines. The same brokerage team also represented the buyer, a joint venture between EverWest Real Estate Partners and Independencia Asset Management.
“South Towne Corporate Center is one of the premier suburban office projects in the Salt Lake City market. The unrivaled physical asset quality, along with the central location and proximity to surrounding amenities, have consistently attracted top tier tenants to the property,” said Shannon. “New ownership is inheriting a best-in-class asset in a highly desirable, tech-driven submarket with stable cash flow and an impressive credit tenant roster.”
Built in 2000 and 2006 and located on 10.74 acres at 150 and 200 West Civic Center Drive, the property includes two, six-story buildings. South Towne is 96 percent leased to a high quality tenant base that includes E*Trade Financial, CoreLogic Solutions, Cadence Design Systems and New York Life Insurance Company. South Towne is located in the South Valley submarket within Utah’s “Silicon Slopes” technology corridor, which attracts a young, highly educated workforce and is home to many of the 5,000 tech companies in the state including Adobe, Microsoft, EBay and Oracle.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.