PEG Development Inks Utah Office Lease
PEG Development has signed a 12,919-square-foot lease with Mōdere at Zions Tower, a 127,093-square-foot Class A office building in downtown Provo, Utah. The health and wellness brand of household and beauty items will relocate its headquarters from Springville, Utah, using the new space as a central hub for 100 employees.
JLL negotiated on behalf of the tenant, while Mountain West Commercial worked on behalf of the landlord.
With this deal, Mōdere is strengthening its presence in Utah, where it has 200 employees in three locations. Other tenants at the property include Zions Bank, Utah County Public Defender, Ascent Wear, Regus and Blue Diamond Capital, CommercialEdge shows.
Built in 2010, Zions Tower is an eight-story office property at 180 N. University Ave. that features two passenger elevators, 2,000 square feet of retail space, a meeting room, a conference center and 385 covered parking spots. The property is situated within Salt Lake City’s submarket of Orem Provo, close to Interstate 15 and to multiple bus stations, 5 miles from Provo Municipal Airport, 6 miles from Springville and 45 miles from Salt Lake City.
Companies that chose Silicon Slopes
JLL’s Managing Director David Nixon worked on behalf of the tenant. PEG Development was represented by Mountain West Commercial’s Commercial Real Estate Specialist Cody Black.
Earlier this month, Sentry Financial and Newport National Corp. purchased The Cliff Building, a 106,000-square-foot creative office property in Salt Lake City. Sentry Financial will relocate its offices to the property’s eight floor. Other companies that committed to the area are Chicago-based flex office provider Workbox, that opened a coworking space in downtown Salt Lake City in June, and Claerlink, that signed a 135,000-square-foot lease in February at 42 Future Way, a Class A office campus in Draper, Utah.
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