X Development’s Lehi office campus acquisition is Utah’s largest real estate deal of the year
X Development, a Sandy-based real estate investment and development firm, has acquired the Thanksgiving Station office complex in Lehi in what is being touted as Utah’s largest real estate transaction of the year.
The project was previously owned by Thanksgiving Park Development and consists of five Class A buildings totaling approximately 750,000 square feet over 34 acres. It is located along Interstate 15 in the Silicon Slopes corridor.
“We pursued the property because it represents everything we value in an investment: strength, stability and opportunity,” said Eric Towner, a principal at X Development. “It’s the region’s most prominent campus, home to leading technology and professional-services companies, and it has shown remarkable resilience through and after the pandemic with 95 percent occupancy. Beyond the fundamentals, we see this as a place where business and community intersect.”
As part of the acquisition, X Development has renamed the property from Thanksgiving Station to Triumph Center.
X Development called the name change “a bold new identity that reflects both the project’s premier status, its location on Triumph Boulevard and the company’s vision for its future. The name Triumph Center embodies momentum, resilience and forward progress — qualities that define Utah’s economic story and X Dev’s approach to real-estate investment.”
“Renaming the project Triumph Center represents more than just a change in signage; it’s a statement about where this property is headed,” said Karla Mata, vice president of X Development. “Our goal is to create an environment that stands for excellence, energy and success.”
In conjunction with the acquisition, X Dev announced it will relocate its corporate headquarters from Sandy to Triumph Center.
“The move underscores the firm’s confidence in the Lehi corridor and its commitment to anchoring its operations in the heart of Silicon Slopes,” X Development’s announcement said.