Posted Sep 18, 2013, 7:41 PM
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Join Date: Jun 2007
Location: Salt Lake City, UT
Posts: 4,803
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A note on the Goldman Sacs. The 500 employees in SLC was in 2008, and the 1500 is now (2013), thus why they needed to make the move from Research Park into 222. I would expect that they have a plan to accommodate some growth over the 1,500 at 222, there are still a couple of floors that appear to be empty, which could simply mean that Goldman leases them, but have not had the need to finish them yet.
I am anticipating that if Goldman expects to outgrow 222, even with some additional floors, that they are transferring their lease to 111 with Hamilton Partners (the same owners). This could also be why Hamilton requested, and was approved for additional height at 111 and why they seem to be moving forward with all the approvals. Financing doesn't happen until approx 45% pre-leased, and it appears to me with all the movement they are making that they are either at the magic number or soon will be.
Depending on the length of their current lease, they could save a substantial amount of money if Hamilton is simply letting them move their lease to 111, rather than breaking it at 222 and moving to 151.
And as Delts stated, 111 will be a much more high visibility location than 151, while they are reducing costs by operating such a large office in Salt Lake City vs other cities, they are still a financial firm, they still have an ego and location and image is still a big part of that ego.
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