What STACK Real Estate does

STACK Real Estate is a private commercial real estate developer and property manager headquartered in Lehi, Utah, founded in 2008 by Andrew Bybee and Nathan Ricks. The company specializes in developing Class-A office space in Utah's Silicon Slopes corridor along the I-15 freeway, with a portfolio that includes at least eight properties totaling roughly 2.77+ million square feet of office and retail space across Lehi, South Jordan, and Sandy. Its product mix spans large-format build-to-suit headquarters developments — notably TSTAT ONE (300,000 SF purpose-built for Vivint Solar with signature tilting/pivoting architecture) and the Younique HeadQuarters (125,000 SF) — and multi-tenant campuses such as Thanksgiving Park (850,000 SF across six buildings with 60+ tenants), Thanksgiving Station (1,000,000 SF), SoJo Station (360,000 SF), Sandy Towers (200,000 SF), and a 35,000 SF retail component.

The company's core operations revolve around three revenue streams: long-term commercial office leasing to enterprise and mid-market tenants, one-time build-to-suit development projects for companies requiring customized facilities, and recurring property management services delivered through an AppFolio-based tenant portal that handles HVAC, lighting, and maintenance requests. Tenant engagement is direct B2B, with the founding developers (Andrew Bybee, Nathan Ricks) and a small in-house team — including facilities and property managers Fernando Salazar and Jen Meeks — handling leasing and tenant services for a 75+ tenant base that includes Microsoft, Vivint Solar, Younique, Sorenson Capital, Pure Storage, SolarWinds, Workfront, and others across technology, financial services, and professional services verticals.

Commercial real estate leasing pricing is quote-based and not publicly disclosed, and the company does not operate any external funding, partnership, or institutional investment structure. Differentiation is driven by prime Silicon Slopes locations, transit-oriented design at SoJo Station and Sandy Towers, innovative build-to-suit architecture, and a dense amenity ecosystem (fitness, restaurants, retail, parks) intended to attract and retain talent for its tenants. Operating geographies remain concentrated within Utah's I-15 corridor.

Name

STACK Real Estate

Legal name

STACK Real Estate

Website

https://stackwithus.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

STACK Real Estate is a private Utah-based developer and manager of Class-A office space in the Silicon Slopes corridor, serving enterprise and mid-market tenants across roughly 2.77+ million square feet of office and retail properties in Lehi, South Jordan, and Sandy.

Ownership category

akta.pro rank

Headquarters

HQ city

Lehi

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Commercial Office Leasing: Long-term commercial leases for Class-A office space across multiple properties in Utah. Tenants include enterprise and mid-market companies seeking headquarters or regional office locations.
2. Build-to-Suit Development: Custom build-to-suit office development for tenants requiring specialized facilities (e.g., TSTAT ONE for Vivint Solar with its innovative tilting/pivoting design). Projects range from 10,000 SF to 500,000+ SF.
3. Property Management Services: Ongoing property management including HVAC, lighting, maintenance requests, and tenant support services for existing tenants across all properties.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

STACK Real Estate develops, owns, and manages Class-A commercial office properties in Utah's Silicon Slopes corridor. The company provides build-to-suit development for enterprise tenants, long-term commercial office leasing ranging from 5,000 SF to 500,000+ SF, and ongoing property management services including HVAC, lighting, and maintenance support across a portfolio exceeding 2.77 million square feet.

Product overview

STACK Real Estate is a commercial real estate development company specializing in Class-A office space in Utah's Silicon Slopes region. Their portfolio consists of eight distinct properties totaling over 3.7 million square feet of Class A office and retail space. The company offers build-to-suit development, property management, and tenant services through their properties, including Thanksgiving Station, Thanksgiving Park, TSTAT ONE (Vivint Solar HQ), North Slope, Sandy Towers, SoJo Station, Younique HeadQuarters, and Thanksgiving Retail. They serve tenants ranging from 5,000 SF to 500,000 SF and provide tenant resources including service requests, HVAC/lighting management, and property contact information.

Differentiator

Problem solved

Functional benefit

Products and services

• Thanksgiving Park An 850,000 SF Class-A office property across 6 buildings in Lehi, Utah, serving 60+ enterprise and mid-market tenants with amenities including fitness facilities, outdoor park, and support retail.
• Thanksgiving Station A 1,000,000 SF Class-A office development in Lehi, Utah featuring onsite restaurants, fitness centers, park setting, and shuttle access to FrontRunner commuter rail.
• TSTAT ONE A 300,000 SF Class-A office building in Lehi, Utah designed as Vivint Solar's headquarters, featuring innovative tilting and pivoting architectural design visible from I-15.
• North Slope A build-to-suit office development opportunity on Traverse Mountain in Lehi, Utah, positioned north of Cabela's for custom-built corporate facilities.
• Sandy Towers A 200,000 SF Class-A office property across 2 buildings in Sandy, Utah with walk-up State Street access and proximity to TRAX public transit.
• SoJo Station A 360,000 SF Class-A office development across 2 buildings in South Jordan, Utah with transit-oriented development featuring direct train access and bus connections via FrontRunner.
• Younique HeadQuarters A 125,000 SF Class-A office headquarters building in Lehi, Utah developed as Younique's corporate headquarters, designed to reflect a 'science meets tech' brand identity as the gateway into North Utah County.
• Thanksgiving Retail A 35,000 SF prime retail property at Thanksgiving Point in Lehi, Utah, positioned near office buildings and movie theaters to capture high daily and nightly foot traffic.
• Property Management Services Comprehensive property management services for existing tenants across all STACK properties, including HVAC, lighting, after-hours support, and maintenance request handling via an AppFolio-based tenant portal.
• Build-to-Suit Development Custom build-to-suit office development services for enterprise tenants requiring specialized facilities, with project sizes ranging from 10,000 SF to 500,000+ SF and innovative architectural design capabilities.

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Shorenstein Properties: Private, owner-operator of Class-A office properties concentrated on the U.S. West Coast and select tech markets; comparable to STACK as a developer/landlord focused on premium urban and suburban office serving enterprise and tech tenants.
• Kilroy Realty Corporation: Public West Coast-focused office REIT that develops and owns Class-A properties primarily in West Coast tech markets, including suburban innovation districts analogous to Silicon Slopes; comparable tenant mix (large tech occupiers) and build-to-suit capabilities.
• Cousins Properties: Sunbelt-focused Class-A office REIT that develops and acquires trophy office assets in high-growth tech metros; similar focus on best-in-class product in markets benefiting from tech job growth, comparable to STACK's Silicon Slopes strategy.
• Brandywine Realty Trust: Office-focused REIT developing and operating Class-A properties in select U.S. metros with a focus on transit-oriented, amenitized product; comparable product type and tenant profile to STACK's Class-A Utah portfolio.

Broad incumbents

• Tishman Speyer: Global real estate investor and developer with significant Class-A office holdings; a much larger incumbent but directly comparable in its core activity of developing and leasing premier office space to enterprise tenants.
• Boston Properties (BXP): Largest publicly traded developer/owner of Class-A office in the U.S., with a portfolio heavily weighted to innovation-economy markets; STACK is a smaller-scale analog of the same fundamental business model.

Regional players

• Woodbury Corporation: Long-standing Utah-based commercial real estate developer and operator with substantial office, retail, and master-planned assets across the Wasatch Front; a regional peer competing for the same enterprise tenants in the same submarkets as STACK.
• Wadsworth Development Group: Utah-focused commercial real estate firm developing Class-A office and mixed-use product along the I-15 corridor; directly competes with STACK for build-to-suit opportunities and enterprise tech tenants in the Silicon Slopes market.
• Wasatch Commercial Management: Regional Utah property management and brokerage firm operating in the same Salt Lake / Silicon Slopes submarket; less of a developer peer but overlaps with STACK on property management services for Class-A office assets.

Emerging players

• The Howard Hughes Corporation: Developer of large-scale master-planned communities that combines Class-A office, retail, and residential in walkable districts; comparable to STACK's transit-oriented, amenity-rich Thanksgiving Point cluster as a strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/stack_re
• Facebookfacebook.com/STACKwithus

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about STACK Real Estate