Asset Overview: L-3 Technologies Corporate HQ
- Eight buildings, totaling over 1 million sq. ft. of office/R&D business park located on 80 acres adjacent to Salt Lake City Int’l Airport
- Campus is 100% leased to investment grade L-3 Technologies (NYSE:LLL/BBB-/88% of the premises) and Unisys Corporation (NYSE: UIS/12% of the premises)
- Corporate HQ for L-3, which utilizes the campus to design, manufacture and test communication equipment for unmanned aircraft and vehicles, expanding military and private sector lines
Value-Add: Corporate Sale/Leaseback
- Acquired as a short-term sale/leaseback from Unisys (L-3’s predecessor). L-3 and Unisys have extended and expanded their leases numerous times
- Recently executed a long-term lease extension with L3Harris on a new 15+ year lease term on three existing buildings totaling 472K sq. ft. plus a to-be-constructed 379K sq. ft. build-to-suit on a 15 year term expected to be delivered in 2020
- L-3, through predecessor entities, has been in occupancy since the 1980s and has invested over $100 million in improvements
- On-site electrical switches and substations provide power at an est. 25% cost savings and redundancy from two power grids
- Airport building height ordinances and the Wasatch Valley provide required direct line-of-sight for L-3 satellite transmissions to each hemisphere, a very rare quality