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2/26/25
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Second + State, a 13-story, 203.6k sf Class A office building in downtown Salt Lake City, UT, saw over 78k sf of lease signings by 10 tenants during 2024. The property is owned by KBS.
The newly signed tenants include: Squire & Company PC, a Utah-based accountancy firm and current tenant, which is increasing their space to more than 12k sf; Nelson & Naegle, a local law firm that leased nearly 7k sf; and Big-D Construction | Mission Critical, a national construction firm headquartered in Utah that leased nearly 10k sf. WebBank, a Utah-chartered industrial bank and existing tenant, has renewed its lease for nearly 30k sf of office space. In addition, KBS executed six smaller leases, five renewals and added a new tenant, totaling nearly 20k sf.
Second + State, formerly known as Parkside Tower, is located at 215 South State Street, in the heart of Salt Lake’s Central Business District. Situated on the corner of State St 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.
According to CBRE, net absorption in the Salt Lake City metro area turned positive for the first time in two years, recording 253.2k sf of positive net absorption in Q4 2024 and 135.9k sf 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 348.3k sf 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.
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