Park City, UT — Fort Street Partners completed the acquisition of two exclusive, fully leased multi-tenant office buildings, just 10 minutes from Old Town Park City and its world class Park City Mountain and Deer Valley ski resorts. At more than 120,000 square feet combined, the buildings are a rare acquisition in the Park City area, where there is limited supply and increasing demand in the commercial market. The properties closed on August 13th, 2024 and were sold by local developer, Dakota Pacific Real Estate.
“With major supply constraints and high demand in Park City, these properties are great value to our portfolio,” commented Jim Balderson, Founder and CEO of Fort Street Partners. “These buildings are best in class and 100% leased. We’re thrilled to be in position to make this acquisition and make a positive impact with the Park City business community.”
Fort Street Partner’s newly acquired buildings are located in the Newpark Town Center, home to numerous restaurants, shops, offices, entertainment, lodging, and residences. The Newpark One building is a fully leased, multi-tenant office building totaling 61,506 square feet, featuring a blend of national and regional tenants including Morgan Stanley, Western Steel, and Wells Fargo Advisors.
Like Newpark One, Fort Street’s Newpark Three building is at 100% occupancy and is a LEED Silver Certified, multi-tenant building totaling 61,219 square feet. The property consists primarily of smaller but well-established local businesses, including Big-D Signature, a subsidiary of one of the largest general contractors in the U.S., Assemble Park City, a co-working space frequently having a waitlist of users, and investment bank Stifel (NYSE: SF).
The Park City office market has consistently surpassed the Salt Lake Metro area due to significant barriers to entry and a scarcity of supply. Difficulty obtaining entitlements to develop new commercial properties along with the limited supply of available land has significantly reduced available options for commercial space. This solidifies assets like Newpark One and Three as premier office providers in a market where demand is rising and supply is severely constrained.
Jenny Taumoepeau, Fort Street Partners COO and Director of Acquisitions commented, “Fort Street Partners has been diligently working on finding and purchasing quality properties with solid returns on investment. These rare, smaller tenant buildings in beautiful Park City fit the bill and are an exciting addition to the Fort Street lineup.”
With a primary focus on maintaining and adding value for current tenants, Fort Street Partners has plans to upgrade building lobbies and common areas, as well as reviewing tenant feedback for possible addition of amenities.
Balderson noted, “We are thrilled to be part of a neighborhood that not only sits on a 1200-acre nature preserve but is also walkable to countless retail amenities, and just a short drive from world-class skiing and dining. It truly is the best of all worlds. We look forward to adding further value for our tenants through building upgrades and added amenities in the future.”
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About Fort Street Partners
Fort Street Partners own a strong portfolio of more than one million square feet of office, retail, and medical properties. The team consists of ten market-leading property and construction managers, finance professionals, and leasing and acquisition experts.
Media Contact:
Jenny Taumoepeau
Fort Street Partners
385-253-4678