Fort Street JV Picks Up Office Duo in Salt Lake City
The buyer secured a $20 million acquisition loan and assumed a $29 million previous note.
Fort Street Partners, in joint venture with Cumming Capital Management, has acquired Lehi Spectrum I and II, Utah Business reported. The Boyer Co. previously owned the 257,000-square-foot Class A office building duo, located in Lehi, Utah.
Woodley Real Estate and Newmark brokered the deal on behalf of the seller.
Lehi Spectrum I swapped for $26.6 million, while the second building’s purchase price remained undisclosed, according to the Utah County public records.
Lehi Spectrum I also became subject to a $20 million acquisition loan held by Goldman Sachs Bank, while the buyer assumed a $29 million loan backed by Lehi Spectrum II and originated by Nationwide Life Insurance Co., the same public records show.
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Lehi Spectrum I is at 1650 W. Digital Drive, while Lehi Spectrum II is at 1550 W. Digital Drive. Completed between 2018 and 2020, both properties were developed by The Boyer Co. as Podium’s headquarters, which currently occupies space at Lehi Spectrum I. The second building’s tenant roster includes Vivint, Waystar and DevMountain.
Situated on a 14-acre lot across the Interstate 15 corridor, the properties allow easy access through the Silicon Slopes tech hub. Provo, Utah is 19 miles away and Salt Lake City is 26 miles from Lehi Spectrum. Meanwhile, Salt Lake City International Airport is some 30 miles away.
Both office buildings rise five floors and include 25,000-square-foot floorplates, three passenger elevators each and a total of 1,159 vehicle parking spots, according to CommercialEdge. Amenities feature a fitness center, locker rooms with showers, a daycare, pickleball courts, an open space auditorium and food services.
Salt Lake City’s rise in office transactions
Office sales in Salt Lake City generated $472 million in 2024, according to fourth quarter Cushman & Wakefield report on the metro’s investment activity. There were 46 office assets totaling 2.4 million square feet that traded at an average sale price of $202 per square foot.
The investment activity increased since the $370 million recorded during the previous year, but the Salt Lake City metro is also expected to continue to see a rise in discount deals, reflecting current national office real estate trends.
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