Overview
Newmark Mountain West is pleased to present North Slope, a premier Trophy Class A office investment in the heart of Utah’s dynamic Silicon Slopes. Completed in 2018, the five-story, 149,506 SF LEED Gold– certified property exemplifies modern design, sustainability, and strong tenant appeal, positioning it among the market’s most desirable office assets.
Located within Utah County, the state’s fastest-growing county, (capturing 43% of statewide population growth and 40% of new job creation) North Slope sits at the epicenter of long-term demand. The broader Silicon Slopes region, home to more than 1,000 technology companies and a rapidly expanding workforce, continues to attract corporate relocations, venture capital investment, and sustained demand for Class A office space.
The property delivers a premier workplace environment with floor-to-ceiling glass, flexible layouts, and abundant natural light that promotes collaboration, creativity, and employee well-being. Tenants benefit from a robust amenity package, including a fully equipped fitness center, multi-sport court, modern kitchens, and landscaped outdoor gathering areas. Connectivity is unmatched, with I-15 frontage and visibility alongside proximity to the Lehi FrontRunner station, providing seamless access across the Wasatch Front.
North Slope is currently 100% leased with 5.62 years WALT, supported by a diverse tenant base across technology, finance, and consumer sectors. With replacement costs continuing to rise, the acquisition basis is projected to be approximately 50% of anticipated future development costs, creating a compelling entry point for investors.
North Slope presents a rare opportunity to acquire a stabilized, best-in-class office building at below replacement pricing in Silicon Slopes, one of the nation’s most dynamic and business-friendly tech markets.
Investment Highlights
- North Slope is perched on a hilltop in the heart of Utah’s fast-growing Silicon Slopes region, a dynamic tech corridor stretching from Lehi to Provo
- 100% leased
- 5.62 years WALT
- Selling at a very attractive delta to replacement cost
- Technology and consumer products tenancy
- Class A LEED Gold certified
- Constructed of high-quality materials and boasting beautiful, contemporary designs that create an inviting and inspiring workspace
- Adjacent to Outlets at Traverse Mountain, a destination shopping center including a variety of retail stores, restaurants, and entertainment options, enhancing the quality of life for employees and residents
- 149,506 SF
- 3.37 acres
- Large parking field provides a 5/1,000 SF parking ratio
PRIME SILICON SLOPES LOCATION
North Slope is perched on a hilltop in the heart of Utah’s fast-growing Silicon Slopes region, a dynamic tech corridor stretching from Lehi to Provo. The property exemplifies modern architectural design, emphasizing both functionality and aesthetic appeal. Constructed of high-quality materials and boasting beautiful, contemporary designs that create an inviting and inspiring workspace. This area has attracted over 1,000 tech companies and continues to thrive due to a combination of
tech-friendly policies, strategic incentives, and a fast-growing workforce. As a result, demand for Class A office space in Lehi remains strong, supported by a robust employment base and active commercial development.
HIGH-QUALITY, SUSTAINABLE ASSET
• Built in 2018, the property spans 149,506 SF across five stories with expansive floor-to-ceiling windows, open floor plans, and sustainable building elements. The property maximizes natural light, fostering a vibrant atmosphere that enhances creativity and collaboration. This thoughtful design promotes productivity and well-being, making it an attractive choice for tenants aiming to enhance employee satisfaction.
• Class A, LEED Gold–certified building, reflecting strong sustainability credentials and high-quality construction—an attractive feature for both tenants and investors.
EXCELLENT AMENITIES & ACCESSIBILITY
• Situated on 3.37 acres and provides a parking ratio of 5/1,000 SF —a valuable asset in a car-oriented region.
• Located just under 1 mile from the Lehi FrontRunner commuter rail station with an onsite UTA bus stop which provides Tenants solid transit connectivity to the whole Wasatch Front.
• Tenants enjoy access to state-of-the-art gathering spaces, fully equipped fitness center, beautifully landscaped outdoor common areas designed to enhance well-being and encourage teamwork and access to several retailers and restaurants as part of the Traverse Mountain development.
STRONG MARKET FUNDAMENTALS
• Class A Office vacancy stands at 12.35% in the sub-market, suggesting an increasingly healthy environment with tremendous future upside potential in rents with average asking rates at $30.75 PSF FS with an annual rent growth of 2.9%. Based on the quality of this asset, it maintained a strong leasing performance even during the most recent office market difficulties.
• The Class A delivery pipeline has been at zero and will remain there into the near future while future replacement costs should be approximately double the basis of this asset in the next development cycle.
GROWTH TRAJECTORY & INFRASTRUCTURE
• Lehi is undergoing significant redevelopment, plans that include thousands of new multifamily units and enhanced retail space.
• One million new residents are estimated to call Utah County home by 2065, becoming the state’s largest populated area.
• 40% of Utah’s job growth since 2010 has occurred in the Tech Corridor.
• Infrastructure improvements—$1.4B 2100 North conversion to a 5-lane freeway that is the largest UDOT project since 2012 that will enhance regional connectivity and long-term accessibility from East to West.
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