Tenants lining up at Pointe

When James Lee Sorenson isn't occupied with one of his businesses or traveling across the country to promote his latest product, how does the 56-year-old entrepreneur spend his spare time?

Developing one of Salt Lake County's biggest office parks, of course.

Sorenson is betting his $150 million office park, located on 43 acres just off I-15 at 65 E. Highland Drive in Draper, will be a big hit for employers looking for a central location between Salt Lake and Utah counties.

Called The Pointe, the development over the next 10 years is expected to encompass roughly 600,000 square feet of premium office space, which is more than downtown Salt Lake City's tallest office tower — the Wells Fargo Center — and larger than other suburban office centers like the Cottonwood Corporate Center.

"We'll be catering to companies that have successful growth tracks," Sorenson said. "It will make a great corporate campus for many companies or one big company. There's enough elevation change throughout the site so that every building is a little bit higher and is going to have a tremendous view of the Salt Lake valley."

Sorenson, son of Utah billionaire James LeVoy Sorenson , is partnering on the project with Tim Fenton, who has been working in real estate development for the past 11 years.

"Draper has picked up some really nice retail players recently," Fenton said. "They really have been lacking in having a 'class A' office park."

Groundbreaking on the park is today. Lease rates will run in the lower $20s per square foot.

Already, tenants are lining up.

HealthEquity, an American Fork-based provider of health care plans, has signed a lease on 30,000 square feet in the park's first building, expected to be complete in September 2007.

Dr. Stephen Neeleman, founder and chief executive of HealthEquity, said he looked at more than a dozen sites before deciding on The Pointe for his company's new headquarters.

"We think it is going to be an excellent place just to build a business," Neeleman said. "About half of our employees are in Utah County, and the other half are in Salt Lake County. When you're spanning both those populations, it's like a perfect location."

David Baird, economic development director for Draper, said the city's southeastern location once was viewed as a liability. But with record residential growth in surrounding cities like Lehi and South Jordan, Baird said, Draper is perfectly positioned to draw new employers.

"To a large extent, I view Sorenson and their development out there as the sleeping giant who is awakening," Baird said. "This is clearly going to be the largest, highest-quality office development that Draper city has ever seen. It has a ripple effect through the entire Draper economy."