The Salt Lake City office of CBRE announced that Utah developer, Warren "Pat" King, has purchased a six-building office park that was formerly a part of Novell’s corporate campus in Provo.
Financial terms of the sale transaction were not disclosed. The newly named East Bay Technology Park will be leased and managed by CBRE.
"We want to position this park to play a meaningful role in the high quality, high tech economic development of Provo, Utah County, and the state," said King.
The CBRE team of Laurie Adair, Tab Cornelison and Scott Wilmarth will oversee leasing for the new owner. Additionally, CBRE’s Asset Services will oversee property management of the park. CBRE will have both a management and leasing office on site.
Currently, the park is 40 percent leased to several technology tenants and represents a significant opportunity to capitalize on an existing development in a campus setting, company officials said.
The park sits on 28 acres of land, and each of the six buildings are connected by enclosed corridors and sky bridges. Combined, the buildings offer nearly 500,000 square feet leasable office space. The park is situated near Interstate 15, and has access to the newly opened FrontRunner South commuter rail line via a planned Bus Rapid Transit stop.
The buildings were constructed between 1986 and 1993, and three were renovated in 2009 and 2010.
CBRE Group, headquartered in Los Angeles, is among the world’s largest commercial real estate services firms. The company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and tenants through more than 300 offices worldwide. Salt Lake Tribune