FOR IMMEDIATE RELEASE:

X Development Acquires Premier Silicon Slopes Office Campus in

Utah’s Largest Real Estate Transaction of the Year

SALT LAKE CITY, UT (October 29, 2025) — X Development (“X Dev”), a Utah-based real estate

investment and development firm focused on creating value in high-growth markets, announced

the acquisition of one of Utah’s premier office campuses in Lehi. The portfolio comprises five

Class A buildings totaling approximately 750,000 square feet over 34 acres, located directly

along Interstate 15 in the heart of the Silicon Slopes corridor. The deal ranks as Utah’s largest

this year, underscoring investor confidence in the state’s thriving economy.

“We pursued the property because it represents everything we value in an investment — strength, stability, and opportunity,” said Eric Towner, Principal of X Dev.

“It’s the region’s mostprominent 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. Our

vision is to enhance the property into a vibrant hub that not only delivers long-term value for our

investors but also fuels economic growth and creates an environment where Utah’s talent and

companies can thrive.”

As part of the acquisition, X Dev has renamed the property from Thanksgiving Station to

Triumph Center — 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. The rebrand marks the beginning of an extensive repositioning effort to elevate the campus into Utah County’s flagship corporate destination.

“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 Dev.

“Our goal is to create an environment that stands for excellence, energy and success.”

With the acquisition complete, X Dev will immediately begin integrating the campus into its

portfolio, focusing on tenant-experience enhancements, sustainability upgrades, and a

refreshed brand under the Triumph Center name — positioning it as Utah’s premier corporate

destination. And as companies refine their post-pandemic workplace strategies, X Dev expects

strong demand for high-quality, amenity-rich campuses. While many organizations are opting for

smaller footprints, they’re prioritizing better locations, flexibility, and design to attract and retain

top talent. This ongoing “flight to quality” is expected to benefit Triumph Center and strengthen

its position as a model for the modern office environment in Utah.

“Triumph Center represents a once-in-a-generation opportunity,” added Steve Hutchings, Principal of X Dev.

“We’re already seeing renewed energy in the market as companies and

employees return to the office. The highest-quality properties are set to experience a surge in

demand — and we’re ready to meet it. Our goal is to create a high-energy, vibrant environment

where businesses can thrive and people want to be.”

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.

“Relocating our headquarters to Triumph Center is symbolic of our belief in this property and in Silicon Slopes’ continued growth,” said Eric Towner, Principal of X Dev.

“Real estate is a localgame. By planting our flag here, we’re not just owners, we’re participants in the community we’re investing in.”

X Dev expressed appreciation to JLL’s David Nixon, Newmark’s Bryce Blanchard and The

Shannon Team at Newmark, and Phil Brierly of CBRE for their expert roles in the transaction’s success.

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