Salt Lake City—October 15, 2018—The Salt Lake City office of CBRE today announced that the first and second floors of Traverse Ridge Center III have been fully leased by Spaces in a 47,000-square-foot office lease. Spaces, a pioneer in creative and flexible workspaces owned by IWG, will commence occupancy upon completion of the new office building in August of 2019. Eric Smith of CBRE represented the landlord, Perry Commercial, and Peter Black of CBRE represented Spaces.
Once constructed, Traverse Ridge Center III will be the tallest building in Lehi, scaling nine stories and measuring a total of 220,000 square feet. This is the third office building to be built in Traverse Ridge Center, a 22-acre, master-planned business park in Lehi being developed by Perry Commercial. Its prime location in the heart of Silicon Slopes features easy access to I-15, public transit—including a future UTA TRAX stop, an adjacent Staybridge Suites hotel and a wide variety of local amenities.
“With the high volume of new companies and startups coming to Silicon Slopes, there is an increased need for co-working and temporary space options that Spaces can provide,” noted Eric Smith, senior vice president. “The landlord wanted to find a way to cater to the needs of national and local businesses. When we heard that Spaces was looking to expand into the Lehi market, we recognized the opportunity it would provide to attract new tenants to Traverse Ridge Center.”
“Lehi is a dynamic market with a rapidly growing high-tech and commercial center,” said Michael Berretta, vice president of Network Development for IWG. “As a result, we are seeing an increase in demand from businesses of all sizes looking for flexible working solutions which can be easily scaled up or down. Our community, and the ability to scale, are benefits that set us apart from our competitors. When a company becomes a Spaces member, they gain access to over 3,000 flexible workspace options through the IWG network. This momentum is aiding our rapid growth across the West.”
Traverse Ridge Center is planned to consist of three office buildings and an on-site hotel. Centers I and II have each been constructed, while Center III is currently under construction and slated for completion in August of 2019. The hotel will be completed in December of 2018, adding variety to the bustling office park. Once Traverse Ridge Center III has delivered, the park will total nearly 410,000 square feet of office space.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.