SALT LAKE CITY—Mar. 25, 2013—Cushman & Wakefield |Commerce brokered the sale of the distinctive office building which serves as the headquarters for Vivint, one of the largest home automation companies in North America.
The 125,225 square foot, two building, single-tenant office building was sold by Gardner Company, of Salt Lake City, to Reit Management & Research LLC, of Newton, Mass. Reit Management & Research is a large real estate management company, which manages a large real estate portfolio consisting of approximately 1,700 properties, located in 46 states, Washington DC, Puerto Rico, Canada and Australia.
Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce, represented both the buyer and the seller.
“This is one of the larger commercial real estate transactions Utah County will see this year,” Paul said. “The stunning building has won design and architectural awards for its numerous amenities and innovations. For instance it has a full-service gym, a million dollar food service facility and medical clinic for employees, backup generators and a sophisticated three-stage HVAC system–not to mention nearly 100,000 square feet of office space. All of these elements, plus having such a stellar, long-term tenant as Vivint, made this an extremely attractive investment for the buyers.”
The building, constructed in 2009, was featured in Interior Design Magazine and named “Best of Year 2010” for large office buildings. It is located less than two miles from both Brigham Young University and Utah Valley University.
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About Cushman & Wakefield |Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.