State of Utah Acquires FranklinCovey's Former Headquarters Campus for $40 Million

The State of Utah has acquired the Franklin Campus, a five-building office complex in West Valley City that originally served as FranklinCovey's corporate headquarters, for $40 million, Colliers announced July 17. The 312,234-square-foot campus, situated on approximately 21.7 acres, will serve as the permanent headquarters for the Utah Department of Health and Human Services.

Deal Details and Brokerage

Colliers Chairman Brandon Fugal and Managing Director Chris Kirk brokered the transaction. The acquisition price of $40 million implies a per-square-foot cost of approximately $128 — a figure that Colliers characterized as a fraction of what it would cost to develop a comparable institutional campus in today's construction environment.

"This landmark acquisition secures a campus capable of meeting Utah's operational needs for decades to come," Fugal said in a statement. "Acquiring an asset of this quality at a fraction of replacement cost reflects responsible stewardship of public resources while creating lasting value for the State."

Kirk echoed that assessment, noting the scarcity of large, move-in-ready institutional campuses on the market. "Transactions like this are exceptionally rare," he said. "Properties of this caliber and operational readiness seldom become available. For the State, this acquisition secures long-term certainty through a campus that would be extraordinarily difficult to replicate in today's market."

Campus Features and History

The Franklin Campus was purpose-built to serve as FranklinCovey's corporate headquarters and was designed to accommodate the operational demands of a large institutional occupier. The five-building complex features expansive floor plates, a cafeteria, a fitness center, an auditorium, and abundant parking. The campus's multi-building configuration provides the Utah Department of Health and Human Services with the infrastructure and capacity needed to accommodate a statewide government workforce from day one.

Market Context: Replacement Cost and Suburban Office Demand

The acquisition comes at a moment when large, amenitized suburban office campuses have become increasingly difficult to deliver. Rising construction costs and lengthening development timelines mean that organizations seeking comparable facilities often face years of planning, entitlement, and construction before bringing new space online, according to Colliers.

For the State of Utah, acquiring an existing, fully built-out campus eliminates that lead time and provides immediate operational capacity. Colliers highlighted the value proposition of acquiring the asset at a fraction of replacement cost, though specific replacement cost estimates were not provided in the announcement.

Strategic Implications for the Utah Department of Health and Human Services

The Franklin Campus acquisition establishes what Colliers described as a permanent, long-term home for the Utah Department of Health and Human Services. The campus's infrastructure — including its auditorium, cafeteria, and large floor plates — is designed to support the operational needs of a statewide agency from day one, without the need for significant capital improvements.

Colliers is the largest commercial real estate firm in the Intermountain West, according to the firm's own characterization. Brandon Fugal was named 2025 CCIM Utah Office Broker of the Year, and Chris Kirk holds the Society of Industrial and Office Realtors (SIOR) designation and serves on the board of the Utah Downtown Alliance and the Economic Development Corporation of Utah's Board of Advisors.

Sources

Colliers — State of Utah acquires Franklin Campus for long-term headquarters for the Utah Department of Health and Human Services