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Transaction supports trends in the growing market
SALT LAKE CITY, May 14, 2014 – JLL announces today the lease renewal of tenant Verizon Wireless; a 190,122-square-foot transaction at Parkway Center located at 2737 S. Corporate Park Drive, West Valley City, UT. The transaction between Verizon Wireless and the Parkway Center landlord which is managed by Washington Capital Management, Inc., marks Salt Lake City’s largest office transaction YTD.
Senior Vice President Jim Balderson of JLL represented the building owner managed by Washington Capital Management, Inc., an employee owned investment advisory firm headquartered in Seattle Washington, to negotiate lease extension.
“Washington Capital attracts and maintains high-profile tenants looking for top-of-the-line space in United States’ most vibrant areas,” said Jenny Gage VP Washington Capital Management. “Parkway Center offers a suitable environment for Verizon as it has an existing call center infrastructure.”
JLL experienced strong office leasing activity in 2013 totalling over 600,000 Square Feet and has already completed over 700,000 Square Feet of leasing YTD in 2014.
“The Salt Lake Metro area continues to be one of the best choices in the country for a call center facility. The stable workforce and low operating costs have Utah at the top of all site-selectors lists and we continue to see strong demand from large national and global companies. This transaction mirrors a trend that we will see more of as 2014 progresses; large companies similar to Verizon are looking to capitalize on the great opportunities that exist in Utah for expansion and continued growth,” said Senior Vice President Jim Balderson.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.
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