LEHI, Utah — Fort Street Partners has partnered with Cumming Capital Management to complete the acquisition of Lehi Spectrum I and II, two exclusive, class A tech office properties in the heart of Lehi’s Silicon Slopes. At nearly 265,000 square feet combined, the buildings are located in the most sought-after commercial space in Utah, leasing to some of the area’s most exciting growth companies, including Podium, Vivint, Waystar, and DevMountain.
“Lehi Spectrum hits all our acquisition criteria and provides excellent risk adjusted returns which are hard to find in today’s market,” commented Jim Balderson, Founder and CEO of Fort Street Partners. “These buildings, built in 2018 and 2020, are the newest properties in Silicon Slopes with the very best amenities. We’re excited to add Lehi Spectrum to our Fort Street portfolio and continue to support Utah’s business community.”
Located on the I-15 corridor, centered between Salt Lake and Utah Counties – Utah’s two largest urban areas – Lehi Spectrum is a unique premier office space with a highly-educated workforce and large market population. Onsite tenant amenities at Lehi Spectrum include pickleball courts, a daycare, gym, locker rooms with showers, an open space auditorium and food services.
There is not likely to be another buying window for premier office space in Silicon Slopes in the near future. Patrick Egbert, Real Estate Director at Cumming Capital Management noted, “New construction in Silicon Slopes has come to a halt, so the supply-demand paradigm in this submarket is anticipated to shift favorably for the landlord. It is an exciting opportunity for Cumming to have partnered with Fort Street to acquire these impressive class A buildings.”
Fort Street Partners currently owns and provides property management services for 1.5 million square feet of office, retail, and medical space throughout Utah. Jenny Taumoepeau, Fort Street Partners COO commented, “We are excited to have partnered with Cumming to acquire these exciting new properties. Lehi Spectrum is a unique property with a strong cash flow and diversified tenant mix, putting us in a great position in this market.
Newmark and Woodley Real Estate represented the seller. Bryce Blanchard, Newmark Executive Managing Director of Capital Markets stated “We are thrilled to broker this market-leading Class A transaction between two great clients. As the office market heals, this sale represents an important vote of confidence on our way back to more normalized market conditions.”
Quality buildings in Utah continue to see strong demand and growth will continue as more companies go back into the office. “This is an incredible window to acquire best in class premiere office space,” commented Balderson. “Our investment in Lehi Spectrum delivers a consistent cash flow investment with significant market upside.”
About Fort Street Partners
Fort Street Partners own a strong portfolio of more than 1.5 million square feet of office, retail and medical properties. The team consists of market-leading property and construction managers, finance professionals, and leasing and acquisition experts.
About Cumming Capital Management
Cumming Capital Management (CCM) has decades of experience investing in private companies and real estate. Offering strategic management, board participation, and consulting services. CCM is in the process of building multiple platform investments.
Media Contact: Katherine Benning, Fort Street Partners, 315-345-9827, katherine@fortstreetpartners.com