Business

June 27, 2014

Security National signs first new tenant for 125 N. Market

Security National said Friday that it has signed its first new tenant to the high-rise office building at 125 N. Market that it took over last year.

Security National said Friday that it has signed its first new tenant to the high-rise office building at 125 N. Market that it took over last year.

VAL Energy will take 5,300 square feet on the building’s 17th floor, which is spec office space that Security National recently remodeled.

The oil and gas exploration and drilling company will bring 120 employees to the new space from its current offices at 200 W. Douglas.

VAL signed a five-year lease for the space. Patrick Ahern of NAI Martens negotiated the lease, which includes options to extend the lease.

VAL is expected to move to the building Tuesday.

Since taking over the property from Minnesota developers Michael Elzufon and Dave Lundberg last July, Salt Lake City-based Security National has spent $3 million upgrading the building.

Projects have included modernization of the building’s elevators and repairs to the walkway between 125 N. Market and Exchange Place, as well as upgrades to the building’s utilities and infrastructure. The building also has a new roof and upgrades to common areas on floors 11, 12, 14 and 17.

“Our commitment to the tenants and to the city has always been to own and manage this building for the long-term,” Bryce Baker, vice president for real estate at Security National, said in a statement. “We’ve had strong interest in the building since the spec suites were finished, and we look forward to announcing additional new tenants in the coming months.”

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