Mountain West Commercial Completes 100,000 SF Tenant Expansion at The Gateway
Recursion Doubles the Size of Their Salt Lake Headquarters
Salt Lake City — Vestar, one of the leading privately-held shopping center owners and managers in the western US, announced that Recursion (NASDAQ: RXRX) has doubled the size of its headquarters at The Gateway in downtown Salt Lake City, signing a new lease for an additional 100,000 square feet. The Gateway is a mixed-use lifestyle and entertainment district, – featuring 1.2 million square feet of retail, dining, and office space as well as 1,200 multifamily units.
Recursion originally signed a lease in 2018 for 100,000 square feet at The Gateway, where it currently has over 250 employees. The company is expected to expand into its new space in the second quarter of 2022.
Recursion’s expansion comes after the formation of BioHive, a new public-private collaboration that will expand business development in Utah’s growing healthcare innovation sector. BioHive serves as the brand representing Utah’s healthcare innovation community, of which Salt Lake City is the hub, supporting some of the greatest entrepreneurs and companies in the country. Leaders from these companies have joined up with local economic development and industry backers to represent more than 1,000 Utah companies in the biopharmaceuticals, medical devices, diagnostics, genomics, biotechnology, health tech, and digital informatics fields. The Gateway sits at the epicenter of BioHive.
Mountain West Commercial Real Estate’s agents Andy Moffitt, Lance Pendleton, and Troy Hardy have played a pivotal role in representing Vestar as the landlord in this transaction. They have also worked with Vestar over the last several years in the growth of The Gateway’s uniquely strong life sciences, entertainment. and arts community it has become.
“Vestar continues to lead the country in reinventing shopping centers across the Western United States. We, at Mountain West Commercial Real Estate, started down this path over three years ago and we are paving the way for the BioHive community. Recursion is one of the premier Biotech tenants in our state. They have understood Vestar’s vision for the future of The Gateway and it’s really awesome to see the culmination of years of hard work come together to be able to make The Gateway what it is today,” said in conjunction, Andy Moffitt, Troy Hardy and Lance Pendleton, Mountain West Commercial agents.
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