Cushman & Wakefield Salt Lake City Completes One of the Largest Office/ Research & Development Office Leases in Utah – 855,000 Square Feet

Left to right: Cushman & Wakefield Salt Lake City team: Joe Gutierrez, Matt Leishman, Molly Westbrook and Mike Richmond

L3 Technologies expands their Engineering & Operations Center
to accommodate broadband communications business

SALT LAKE CITY, UT — Dec. 9, 2018 — Cushman & Wakefield has procured one of the largest Office/Research & Development (R & D) office leasing transactions in Utah’s history, as landlord representation for Airport Technology Park (ATP), a multi-building office and research and development park, located at 420, 540, 560 and 640 North 2200 West in Salt Lake City, UT.

The new 15-year lease extension and redevelopment consisting of 855,000 square feet. ATP is occupied by L3 Technologies, a New York based provider of global intelligence, surveillance, and reconnaissance (ISR) communications and networked systems, as well as electronic systems for military, homeland security and commercial aviation customers. L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision, weapons, maritime systems and space.

The landlord, Drawbridge Realty, has owned the campus since 1998, and will be constructing a new customized 379,000-square foot building on their currently vacant four + acre parcel, consolidating L3T’s presence on the northern 60 acres of the campus.  The new facility will act as L3’s new engineering and operations center, featuring a five-level, 900-stall parking structure, and 28 electric vehicle charging ports.  The global leader in secure military-grade communications networks said its new facility is expected to accommodate approximately 1,200 more employees than its current 3,500 employees, and will serve as its primary manufacturing facility.

The new L3 building will replace one of the company’s current buildings, that has been in use since 1956, allowing for rapid prototyping in areas such as laser communications and electronic warfare. The facility will also incorporate advanced additive manufacturing and circuit card assembly cells. The remaining existing buildings will undergo renovations increasing the overall image of the campus.

Situated in the heart of the Northwest Quadrant, at Salt Lake City’s Western edge, L3 has committed to be a long-term, integral part of this new, sustainable area that includes approximately 28,000 acres of land, accounting for about 40% of the total area of Salt Lake City. More than 9,000 acres of land north of Interstate 80 (I-80) is undeveloped. The Northwest quadrant represents one of the largest undeveloped areas along the Wasatch Front. The area is located west of Interstate 215 (I-215), provides immediate access to I-80 and is only minutes from downtown Salt Lake City, with prime transportation access to highways, planes, and trains. It is adjacent to the Salt Lake International Airport and the location of most of the Salt Lake’s industrial and manufacturing sectors.

“We are thrilled to support the growth of L3 Technologies on behalf of Airport Technology Park’s owner, Drawbridge Realty, especially in the Northwest Quadrant, that has tremendous potential to lead Salt Lake and the region in sustainable development,” says Cushman & Wakefield Executive Director, Mike Richmond. The construction is scheduled for completion by 2020.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Drawbridge Realty

Drawbridge is a real estate investment company headquartered in San Francisco which acquires, develops and manages commercial properties nationwide.  Drawbridge owns a portfolio of properties leased to large corporations with an emphasis on strategically important operating facilities.  Drawbridge has a long history of successfully creating value for corporations and investors including Broadcom, IBM, Google, Johnson & Johnson, L-3 Technologies, Lockheed Martin, Medtronic, Monsanto, National Instruments, Northrop Grumman, and Unisys. The current Drawbridge portfolio is comprised of over 4.2 million square feet and most of its properties are located in growth markets across the United States. www.drawbridgerealty.com

 

###

Media Contact:

Patricia Monsoor

Senior Communications Specialist

Cushman & Wakefield Salt Lake City

Land: 801-303-5401 Cell: 801-835-7998

Patricia.monsoor@cushwake.com

2018-12-10T12:17:51-04:00 December 7th, 2018|In the News|