Through its lease at 5552 W. 700 S. in Salt Lake City, Torus is expected to add 172 jobs and $10 million to the state's economy over the next 10 years.
The job and investment requirement was laid out in a tax reduction deal the company signed with the state.
“Utah’s investment in manufacturing and infrastructure is strengthening its position as a national leader in economic development and industrial innovation,” Ryan Starks, executive director of the Governor’s Office of Economic Opportunity, said in a press release on the lease. “Torus is paving the way for industrial advancement with innovative solutions that will boost Utah’s economic footprint and build a sustainable foundation for future growth.”
The lease is one of the largest in Salt Lake City in recent years. CEO Nate Walkingshaw founded Torus, a technology company focused on advanced energy storage and power management, about five years ago. The company engineers and manufactures products for the residential, commercial and large-scale utility sectors.
"Utah has a very talented workforce and we’re excited to continue creating high-value jobs for the local community,” Walkingshaw said in the state news release. “The state’s supportive business climate and commitment to innovation, sustainability, and economic growth aligns perfectly with Torus’ mission and make Utah an ideal location for expanding our operations.”
The company will house its manufacturing and logistics operations in the 544,948-square-foot building until 2030, according to CoStar research. The jobs produced through the lease will span logistics, manufacturing and administrative roles.
The facility offers a security system, skylights and loading capabilities. Additionally, the facility offers green aspects such as energy-efficient lighting.
The company's potential impact on the community is one of the reasons why the transaction earned a CoStar Impact Award, as judged by the local real estate professionals who know the market.
What the judges said: It's a "market-leading transaction that sets a new benchmark for the industrial sector for years to come. Leasing to a strong tenant that will also be investing in its infrastructure is a huge plus to lock them in long term in Salt Lake City," said Jordan Johnson, senior commercial leasing manager for Property Reserve.
About the project: The Church of Jesus Christ of Latter-day Saints owns the building, which is in the city’s industrial corridor, near Interstate 80 and Interstate 15, as well as rail facilities and Salt Lake City International Airport.
They made it happen: Colliers' Tom Freeman, vice chair, and Travis Healey, chair, represented the landlord. Brycen Woodley of Woodley Real Estate represented the tenant.