Salt Lake City, Utah (February 24, 2025) – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that in 2024, it has leased a total of over 78,000 square feet of space to ten tenants at Second + State, a 13-story, Class A property with 203,607 rentable square feet in downtown Salt Lake City, Utah. CBRE, a global leader in commercial real estate services and investments assisted KBS with the leases.
The newly signed tenants include Squire & Company PC, a Utah-based accountancy firm and current tenant, which is increasing their space to more than 12,000 square feet, Nelson & Naegle, a local law firm leased nearly 7,000 square feet, and Big-D Construction | Mission Critical, a national construction firm headquartered in Utah has leased nearly 10,000 square feet. WebBank, a Utah-chartered industrial bank and existing tenant, has renewed its lease for nearly 30,000 square feet of office space. In addition, KBS executed six smaller leases, five renewals and added a new tenant, totaling nearly 20,000 square feet.
These transactions highlight the resilience of Class A properties in downtown Salt Lake City, with the highest quality buildings driving leasing trends in the area and throughout the country, according to Gio Cordoves, regional president, Western U.S at KBS.
“Salt Lake City is a desirable location for many businesses, thanks to a well-educated population and business-friendly environment. The downtown central business district is the hub around which the city thrives,” says Cordoves. “Class A properties in strong locations with great amenities continue to see increasing leasing activity and highlight the long-term strength of office assets.”
According to CBRE, net absorption in the Salt Lake City metro area turned positive for the first time in two years, recording 253,216 square feet of positive net absorption in Q4 2024 and 135,850 square feet for the year. This was driven by tenants occupying spaces secured earlier and sustained demand for newer, amenity-rich assets. Consequently, Class A properties performed significantly better in 2024, recording 348,260 square feet of positive net absorption, offsetting negative absorption in commodity office stock that struggled to remain competitive. Looking ahead, the Salt Lake City office market is well-positioned for further recovery in early 2025, supported by a strong tenant pipeline, continued demand for top-tier space, and easing supply-side risks.
Tim Helgeson, asset manager of Second + State and senior vice president at KBS, notes that the property’s downtown location is ideal for company’s looking to attract and retain the best and brightest employees and grow their business.
“Live-work-play is alive and well in downtown Salt Lake City. Second + State is ideally located near new apartment complexes, retail, restaurants, hotels and entertainment,” says Helgeson. “An on-site fitness center, café and ample parking increase its appeal for commuters. The building’s location and amenities have attracted leading local businesses that are committed to keeping the city’s central business district prospering.”
Second + State, formerly known as Parkside Tower, has long stood as an iconic building in the heart of Salt Lake’s Central Business District. Situated on the corner of State Street and 2nd South, and featuring an architecturally unique angular building top, Second + State acts as an east-side gateway to the downtown area. The building’s exterior is comprised of brick and glass and features a newly enhanced building entrance with landscaping that highlights the main entryway. In 2024, KBS completed additional renovations to the building to create a new hospitality-inspired tenant lounge, added a large capacity conference center and updated and expanded the fitness center. The building also features an inviting main floor atrium and lobby, and updated floor elevator lobbies. Second + State remains a consistent favorite for tenants interested in the downtown area.
CBRE’s Scott Wilmarth, Nadia Letey and Roman Bernardo assisted KBS in the lease transactions.
“Second + State consistently delivers the superior office space tenants want with an ideal mix of amenities and access to restaurants and shopping,” comments Scott Wilmarth, executive vice president in CBRE’s Salt Lake City office. “I have been working in the Salt Lake City market for decades; it is good to see local market leaders and national property owners like KBS committed to its success.”
Second + State is located at 215 South State Street in Salt Lake City. For property photos, please visit here.
