SALT LAKE CITY, UT—KBS Realty Advisors, workingon behalf of a sovereign wealth fund, has acquired MillrockPark, a class A office park property located in theCottonwood Heights submarket of Salt Lake City.The acquisition was made on behalf of a pension fund that isadvised by KBS.

|

Built between 2005 and 2008,the four-building property totals 488,623square-feet of rentable space on 22 acres of land. Nearlyevery suite hosts an unobstructed view; to the east, tenants facethe Wasatch Mountain Range, and to the north,south, and west, tenants face the Salt LakeValley. In addition to the views, Millrock Park benefitsfrom nearby amenities and close proximately to executive andaffordable housing.

|

“We believe that the location of Millrock Park is ideal forexecutives and employees alike,” said KBS senior vice presidentTim Helgeson. “Our tenants are surrounded byamenities including adjacent restaurants, hotels, golf courses, skiresorts, and a stunning 360 degree view of the Salt LakeValley.”

|

With the acquisition of Millrock Parkand three existing properties—222 Main, Gateway TechnologyCenter, and Parkside Tower—KBS and its affiliates now ownmore than 1.3 million square-feet of rental space in the Salt LakeCity Market.

|

“We are excited to increase our SaltLake Valley portfolio with the acquisition of Millrock Park, whichwe feel is one of the best projects in the best office sub-marketoutside of the CBD,” said KBS western regional presidentRodney Richerson. “With the spectacular location,growing technology base of employment and business-friendlygovernment, we believe that it is indisputably one of the mostdesirable spots for work, play and living in the IntermountainWest.”

|

KBS Realty Advisors, Newport Beach,CA, is a private equity real estate company and SEC-registeredinvestment advisor founded in 1992.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.