Franklin Covey HQ Lists for $49M-Plus

SALT LAKE CITY-The 311,727-sf headquarters for locally based Franklin Covey is back on the market for $49.6 million. A private investment group out of Southern California paid $33.8 million for the property in the first half of 2005.

The five-building campus on 21.7 acres at 2200 West Parkway Blvd., southwest of the Interstate 215-Highway 201 interchange. The campus was developed between 1984 and 1995 and includes one five-story building, three two-story buildings and one single-story building.

The seller, an affiliate of Levy Affiliated Holdings LLC of Santa Monica, has tapped a trio of Sperry Van Ness brokers to market the property. The team includes Polly Johnson in Los Angeles, Shawn Nejad in Irvine and Tom Heal in Provo, UT.

Franklin Covey provides effectiveness training, productivity tools and assessment services for organizations, teams and individuals. When the company sold its headquarters to Franklin Salt Lake LLC, it inked a 20-year triple-net lease for the property that may be extended up to 30 years in five-year increments.

The master lease requires initial rental payments totaling $253,719 per month for the first five years of the agreement. After that, the base monthly rent will jump 2% annually, according to SEC filings.

The campus trophy is the Franklin Building, a 158,802-sf class A building. The rest of the buildings are B-class properties. The centerpiece is a landscaped central courtyard with pond. The campus has parking for 1,081 vehicles.