650 Principal, a 10-story, 332,000-square-foot Class A workplace constructing in downtown Salt Lake Metropolis has topped out and is on observe for supply within the first quarter of 2022, the event enterprise of Patrinely Group and USAA Actual Property introduced.
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Sited at Principal Road and 600 South, the constructing was designed by HOK and is concentrating on LEED v4 Gold. It just lately obtained Platinum certification from Wired Rating for its wired infrastructure, resilience and wi-fi community.
The placement offers quick access to I-15 and is adjoining to a future TRAX mild rail station.
Options and facilities embody 10- and 11-foot ceiling heights and floor- to-ceiling glass to maximise daylight and panoramic mountain views; an indoor/outside health middle with locker rooms; outside courtyards with a bocce courtroom, ping pong tables and an space for social gathering with a hearth pit. Different facilities will embody safe bike storage, convention services, and an onsite retail area with indoor and outside eating choices.
650 Principal nailed down its first office lease in March 2020, when EnerBank USA, a nationwide shopper lending firm specializing in dwelling enchancment loans, agreed to take 88,900 sq. ft on the constructing’s high three flooring.
Leasing is being dealt with by Aaron Jones, Todd McLachlan and Roman Bernardo of Newmark.
As much as an additional 325,000 sq. ft of workplace area ought to finally be obtainable in 645 W. Temple, an adjoining workplace constructing representing a future second part of the event masterplan.
Primarily based on the state of the Salt Lake Metropolis workplace market, Patrinely and USAA have accomplished fairly nicely to get practically 30 % of 650 Principal preleased.
Along with pandemic fallout, the SLC workplace sector is beset by unfavorable internet absorption, rising total and sublease emptiness, and an lively growth pipeline, all of that are contributing to comfortable rents and rising concessions, in line with a first-quarter report by JLL.
Greater than 365,000 sq. ft of workplace area that delivered within the first quarter is totally vacant, and in downtown particularly, greater than 1,000,000 sq. ft of workplace product is underway, together with a 425,000-square-foot constructing, Sundial Tower, introduced by Hines.
JLL provides, nevertheless, that the native financial system does have some resilient sectors, together with aerospace, protection and monetary companies.
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