Park City, UT — Fort Street Partners has completed the acquisition of two exclusive, fully leased, multi-tenant office buildings located just 10 minutes from Old Town Park City and the world-class ski resorts of Park City Mountain and Deer Valley. With a total of more than 120,000 square feet, the buildings are a rare acquisition in the Park City area, where supply is limited and demand is increasing in the commercial market. The purchase agreement for the properties was closed on August 13, 2024, and they were sold by local developer Dakota Pacific Real Estate.
“Given the severe supply constraints and high demand in Park City, these properties are a great addition to our portfolio,” commented Jim Balderson, Founder and CEO of Fort Street Partners. “These buildings are prime and 100% leased. We are excited to make this acquisition and have a positive impact on the Park City business community.”
Fort Street Partner’s newly acquired buildings are located in Newpark Town Center, which is home to numerous restaurants, shops, offices, entertainment, lodging and apartments. The Newpark One building is a fully leased, multi-tenant office building with a total area of 5,600 square feet and houses national and regional tenants such as Morgan Stanley, Western Steel and Wells Fargo Advisors.
Like Newpark One, the Newpark Three building on Fort Street is 100% occupied and is a LEED Silver-certified multi-tenant building with a total of 5,750 square feet. The property is primarily made up of smaller but well-established local companies, including Big-D Signature, a subsidiary of one of the largest general contractors in the U.S., Assemble Park City, a coworking space that often has waiting lists of users, and investment bank Stifel (NYSE: SF).
Park City’s office market has consistently outperformed the greater Salt Lake area due to significant barriers to entry and tight supply. The difficulty of obtaining permits to develop new commercial properties, coupled with the limited supply of available land, has significantly limited the available commercial space options. This solidifies the position of assets like Newpark One and Three as premier office providers in a market where demand is increasing and supply is severely constrained.
Jenny Taumoepeau, COO and Head of Acquisitions at Fort Street Partners, commented, “Fort Street Partners has worked diligently to find and acquire high-quality properties with solid returns on investment. These rare, smaller rental properties in beautiful Park City meet those requirements and are an exciting addition to Fort Street’s offerings.”
Fort Street Partners’ primary focus is to maintain and increase value for current tenants. The company plans to modernize the building’s entryways and common areas and consider tenant feedback on possible additional amenities.
Balderson noted, “We are thrilled to be part of a neighborhood that is not only located on a 1,200-acre conservation area, but is also within walking distance to numerous shopping options and a short drive to world-class skiing and dining. It is truly the best of all worlds. We look forward to adding further value to our tenants through building upgrades and additional amenities in the future.”
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About Fort Street Partners
Fort Street Partners owns a strong portfolio of more than one million square feet of office, retail and medical real estate. The team consists of ten market-leading real estate and construction managers, finance professionals, and leasing and acquisition experts.
Media contact:
Jenny Taumoepeau
Fort Street Partner
385-253-4678
(email protected)
