Rapid Growth of Health-Tech Company Part of Ongoing Commercial Real Estate Trends in Northern Utah County
SALT LAKE CITY—July 27, 2015—Cushman & Wakefield | Commerce announced today the pre-lease of two top floors of Thanksgiving Station 4, a 61,594 square foot “Class A” office space located at 2100 W. Ashton Blvd., in Lehi, UT. Jeff Rossi, Executive Director with Cushman & Wakefield | Commerce’s Tenant Advisory Group, represented the occupier, Prosper Healthcare Lending (PHL), to make room for its rapidly expanding health financing services.
Prosper Marketplace, PHL’s San Francisco based parent company, purchased American HealthCare Lending, LLC in late January 2015. With economic incentives to grow, PHL wasted no time in expanding from thirty employees at the beginning of February to seventy-five employees today, and plans to create 460 more jobs by 2020. “They are growing so rapidly,” Rossi said. “We had to secure temporary space, approximately 20,000 square feet in Draper, while awaiting the completion of Thanksgiving Station 4.”
Prosper is a unique company, bridging all three of Utah business’s major growth sectors: finance, technology, and healthcare. The company’s decision to settle in Lehi reflects a trend of many young companies its size, who are attracted by the area’s proximity to FrontRunner, building efficiency, immediate availability for on-site expansion, and perhaps most importantly, its access to a growing workforce of young, well-educated, talented women and men in Salt Lake and Utah counties.
Prosper’s new location is part of a small boom happening at the Point of the Mountain. “Lehi continues to lead Utah County in new construction and preleasing,” Rossi said. “With over 750,000 square feet of space currently under construction, and almost 70 percent preleased, no end is in sight – at its current pace, we expect the North Utah County submarket will double over the next two years.”
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, with headquarters in Salt Lake City, Utah, is an independently owned and operated member of the Cushman & Wakefield Alliance. The firm operates offices throughout Utah, Nevada, Washington and Idaho and partners with its sister company Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients They offer transaction services, capital markets services, occupier and investor services, and real estate advisory. Together, the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, report annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. C&W | Commerce and C&W | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.