Cerberus, Muller Company Join Up To Acquire Office Campus
The Muller Company, a full-service real estate company specialising in the investment, development, and management of commercial real estate in the western United States, and an affiliate of Cerberus Capital Management today announced the joint acquisition of Canyon Park Technology Center, a 924,634 square-foot office campus in Orem, Utah.
The property was built between 1988 and 1992 as the headquarters of WordPerfect Corporation and consists of 14 single, two, and three-story buildings situated on 85 acres with picturesque views of the Wasatch Mountains. With spaces ranging in size from 100 square feet to 60,000 square feet, the property offers a variety of space configurations from single-office incubator space to whole-building headquarter opportunities. It is currently 54 percent leased.
The property is a 45-minute drive from Salt Lake City with convenient access via the I-15 and State Route 189. The sprawling campus is surface parked with 7,840 spaces. The Muller and Cerberus business plan contemplates investing significant capital to upgrade the common areas and grounds with new lobbies, restrooms, and tenant amenities such as a dedicated amenity center featuring a lounge/game room, café, and gym facilities.
"We are excited to have completed our second acquisition with Cerberus and look forward to transforming Canyon Park into a world class tech/office destination for both startups and larger enterprises," said Jon M. Muller, Principal of Muller.
Tom Wagner, Co-Head of North American Real Estate and Senior Managing Director of Cerberus, said, "Together with Muller, a best-in-class real estate owner and operator, Cerberus sees a great opportunity to apply our collective real estate expertise to add value to this unique property."
This is the second joint investment by Muller and Cerberus. Last year, the two firms completed the recapitalisation of an 841,036 square-foot, three-building office portfolio in Orange County, California.