In a ceremony, Coldwell Banker Commercial Advisors signed a lease — brought to the event by parachutists — to relocate its offices to 16,000 square feet of space in the Grove Tower office building.
Construction on the six-story building is expected to be finished in about five months.
Two other buildings are completed. Other announced tenants include education software company Instructure and R&R Barbeque.
St. John Properties’ website showcases projects in Maryland and Virginia. But regional partner Daniel Thomas said that three years ago, the company identified Utah as a new target market.
“We came to Utah because of the incredible regulatory environment, the favorable tax environment, just the business-friendly way the government works out here and we saw a market we could invest in for a long time to come,” said Thomas.
Thomas said St. John will receive local property tax refunds on one of the six planned office buildings. It did not receive any state tax incentive.