By Staff Reporter
Investment manager Stanton Road Capital, LLC, has executed a five-year lease renewal with Rakuten Americas for a full floor and a half of the Union Park Center III in Cottonwood Heights, Utah.
Union Park Center is a premier Class A office complex located approximately 12 miles southeast of Salt Lake City.
Rakuten’s offices are located on the third floor of the six-story building located at 6985 Union Park Center. The space houses employees of several Rakuten businesses, including Rakuten Advertising, a provider of advertising technology to the world’s leading brands and retailers, and Rakuten Rewards, which operates the Rakuten shopping rewards and Cash Back program.
“Renewing our Union Park lease is a direct reflection of our continued commitment to the Silicon Slopes and our extremely valuable Utah team members,” says Rakuten Americas COO, Adrienne Down Coulson. “Over the past decade, Utah has proven to be an important market for expanding Rakuten’s U.S. presence, and building a team of exceptional tech professionals. This renewal, combined with Rakuten’s 90+ open local requisitions, is evidence of Rakuten’s commitment to growing its Utah footprint, and creating opportunities for Utahans to advance a career with one of the world’s premier tech giants.”
Cushman & Wakefield director, Amanda Lawson, represented the landlord in the transaction supported by colleagues Dana Baird and Mike Richmond.
“We are very excited to have Rakuten extend its lease at Union Park Center,” says Lawson. “The Union Park submarket has remained a sought-after location for tenants even through the challenges of the pandemic these past few years. It is highly amenitized and centrally located which are key attributes that employers remain cognizant in their real estate decision-making as their employees return to the office.”
SRC acquired Union Park Center III and IV, a two-building Class “A” office complex totaling 198,423 square feet in November 2021. Ownership has begun major capital improvement work at the project, including current renovation of both 2-story lobbies, implementation of tenant relation technology, and is also adding new spec suites to the property for tenants who want smaller, turn-key space.
“The improvements we’re investing in at Union Park Center are designed to attract and retain highly valued tenants like Rakuten. We look forward to serving them for years to come,” said Tim Ronan, Jr., Founder and Managing Partner of SRC.
Union Park Center offers a strategic, infill suburban location in greater Salt Lake near Interstates 215 and 15. The location is also walkable to an abundance of retail, shopping, dining and other amenities that surround the property. Building III and IV each offer stunning views of the Salt Lake Valley and surface parking at a current ratio of 4.0/1,000.
Built in the early 1990s, Union Park Center was the first Class “A” suburban office park to be developed in the Intermountain Region.