Tenants renew leases at 125 N. Market

A pair of tenants inside the 125 N. Market building downtown have renewed their leases.

Woolsey Energy, an oil and gas exploration company on the 10th floor, and New York Life Insurance, on the building’s 16th floor, both have renewed their leases at the complex for five more years, according to a news release.

Woolsey has been a tenant for nearly two decades, while New York Life came to the building in 2008, according to the release. Security National Life Insurance, based in Salt Lake City, took over control of the building in 2013.

“Since we took over, our priority has been to restore tenants’ confidence in the building’s quality, operations, and functionality,” Bryce Baker, vice president of real estate for Security National, said in the release. “We are striving to make this building the best possible office and retail space for companies located downtown.”

Another tenant, Oxford Senior Living, renewed its lease and expanded its office space at 125 N. Market earlier this year. Security National also added Darrah Oil and Viaan Electronics to its roster of tenants at the 19-floor building in 2015.

During a tour of the property Tuesday, Baker said additional tenants could be announced soon. The building is now home to 25 tenants and has filled around 40 percent of its commercial office space square footage, Baker said.

“We feel there is a change going on downtown,” Baker said. “There’s been an increase in the number of prospective tenants touring the building, both local and international tenants. It not only signals an improving economy, but an acknowledgment that 125 N. Market is once again a contender for premiere space in downtown.”

Baker added that Security National is still exploring the idea of converting additional space inside the building – space that used to be a hotel – into apartments, though nothing is yet in the works.

This story was originally published October 20, 2015 at 4:59 PM with the headline "Tenants renew leases at 125 N. Market."