Mountain West Commercial Finds Solution and a Major Cost Savings for Novacoast
February 24, 2021 – Orem, Utah. The cybersecurity firm Novacoast is expanding in Utah. They see the Orem community as a great place to hire new employees as well as lower rental costs than their existing California offices. Novacoast has had roughly 15 employees in smaller office spaces in Utah for decades, so when the opportunity came to expand, they reached out to their long-time broker contact from Mountain West Commercial, Bill and Mary Street to explore the many benefits of expanding their presence in Utah.
Utah has been growing their technology sector of business, with a takeoff in growth over the last ten years. Former Governor, Mike Leavitt, worked hard to bridge the gap and open talks to bring tech firms to Salt Lake City from Silicon Valley, such as eBay. Through programs such as GOED, EDCUtah and strong relationships built with Mountain West Commercial Real Estate broker’s Bill and Mary Street, Novacoast’s expansion in Utah became an easy solution.
The ease of the decision was determined from California’s leasing rates costing double of what Utah’s have been for a class A office suite, along with a strong talent in the computer science and technology sector for recruiting, and Utah’s Stay Safe to Stay Open campaign during the Covid-19 Pandemic that has kept the economy going.
“As a Novell partner from way back in the day, now Microfocus, we’ve had a small presence in the Provo/Orem area for more than two decades, and we’ve found quality employees here that whole time,” said CEO Paul Anderson. “COVID just accelerated the decision to expand in Utah.”
“Our team spent several months vetting sites for Novacoast. I think Novacoast was pleasantly surprised that we were able to find several options in our market where the economics and the functionality worked for their unique requirements,” said Mary Street.
While Novacoast currently has a small group of employees in Utah, they anticipate increasing the workforce to 100 within the next two years according to Anderson. The company projects capital expenditures of $250,000 associated with the expansion.
Mountain West Commercial was able to find space in the city of Orem that suited their needs. “We’ve had a great relationship with the local Novacoast office for years, when they called to discuss their current situation, specific needs, we got to work,” said Bill Street. “We were able to find them several options, and at prices they couldn’t beat.”
Anderson cited the pipeline of talent coming from computer science programs at Brigham Young University and Utah Valley University. He likes the fact that Utah is a great place to live and that the talent is interested in staying in the area to pursue careers and build their lives. Transportation and cultural amenities were other pluses. “Clients can easily fly to Salt Lake City, and we can entertain them minutes away at Sundance Resort.”
The City of Orem is delighted to welcome Novacoast to our community and to Canyon Park. We are confident Novacoast will fit nicely in the city’s growing list of technology startups and industry leaders,” said Jamie Davidson, City Manager, Orem. “As a community that prides itself on being the home of education, innovation and business success, we look forward to watching Novacoast grow and thrive.”
Novacoast will be moving to Canyon Park Tech Center in Orem City. “The Muller Company welcomes Novacoast to its 85-acre, 13-building Canyon Park Tech Center offering creative office space and cutting edge amenities, including “The Hub” tenant amenity lounge and full gym, plus “The Yard” outdoor amenity center complete with pickleball, basketball and hammock garden,” said Jim Bannan, Director of Leasing for the Muller Company.
“Congratulations to the City of Orem,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “Novacoast’s expansion is an exciting enhancement to Silicon Slopes’ expertise in cybersecurity.”
Contact: Kendra Van Horssen
Mountain West Commercial Real Estate was founded in 2009 by a group of regionally dominant brokers. This unique assembly of talent had a simple mission statement then and now: To operate a commercial real estate brokerage not focused on being the biggest but being the best. This simple core value resonates even stronger today as we are fiercely dedicated to providing superior service to our clients throughout the United States. We believe that we are uniquely adapted to help our clients.