OFFERS DUE: TUESDAY, MARCH 24, 5:00 PM PT
Colliers, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in 2750 and 2800 E. Cottonwood Parkway, known as Cornerstone at Cottonwood Corporate Center (the "Property"), a best-in-class office campus located in the highly affluent city of Cottonwood Heights, Utah. Situated on 8.9 acres within one of the state’s most desirable business districts to live and work, the connected, two-building office project totaling 288,455 square feet is currently 100% leased to a diverse tenant roster and represents the newest Class A office development in the submarket.
Cornerstone is distinguished by its tenant quality and long-term income durability, with a weighted average lease term of 5.59 years and a tenant base that has demonstrated strong retention since initial delivery. Robust leasing demand at the Property has supported approximately 25% rent growth over the past 18 months, with executed leasing achieved at a weighted average tenant improvement allowance of $16.40 PSF across leases executed from 2021 to 2025, materially below levels typically required for comparable trophy assets in higher-cost West Coast markets.
With new construction costs in excess of $600 PSF across the Salt Lake Valley, the Property’s modern construction, efficient floor plates, and land-rich, campus-style layout with integrated structured parking are increasingly difficult to replicate, thereby limiting new competitive supply and resulting in an acquisition basis meaningfully below replacement cost.
Positioned in Salt Lake County’s top-performing office submarket, where Class A vacancy is 8% and rents are the highest in the market, the Property benefits from immediate access to I-215 and I-15, positioning it between Downtown Salt Lake City and the Silicon Slopes technology corridor, as well as proximity to Big and Little Cottonwood Canyons, which places eight world-class ski resorts within a 30-minute drive. Notably, Salt Lake and Utah counties lead all Western and Midwestern markets in 2025 Q3 YTD net absorption, even ahead of Silicon Valley. Cottonwood Heights is also widely recognized as one of Utah’s most affluent and educated submarkets, with a median household income of $131,564 and approximately 59.4% of residents holding a college degree within a two-mile radius of the Property.
Cornerstone offers investors a rare opportunity to acquire a generational, fully stabilized office campus positioned to deliver core-plus returns with the potential to outperform, supported by durable income, embedded upside, and one of the most defensible executive office locations in the state of Utah.
