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Cushman & Wakefield Represents Expense Management Innovator Divvy, in Built-to-Suit Lease Acquisition in Draper, Utah

8/13/2019
DRAPER, UT., August 13, 2019 – Cushman & Wakefield announced it has acted as tenant advisory representative for Divvy, the leading spend and expense management platform for business, and its relocation of corporate headquarters to Draper Utah.

Divvy Office Building in Draper

New Divvy headquarters scheduled to open in summer 2020

Executive Directors, Trigger Reital, and Jeff Rossi, advised Divvy in their selection of the Boyer Company as landlord, and HUB Studio for its architect of the 100,000 square foot (sf), tailor-made home office, located at 13705 South 200 West, Draper, Utah.

Featuring floor-to-ceiling glass, I-15 frontage access and an amenity-rich environment for its soon to be 450+ employees, founder Alex Bean, and co-founder/CEO Blake Murray, were joined by Cushman & Wakefield, the Boyer Company and the HUB Studio teams yesterday for a groundbreaking ceremony to celebrate the occasion.

“Having Divvy select Draper for its new headquarters in the heart of Silicon Slopes is a fantastic story for the Utah Startup ecosystem, which is providing multiple IPO companies this year,” Reital said.

“The opportunity to build a space intentionally designed to enable how we work is exciting,” said Casey Bailey, Vice President of People and Places at Divvy, at the groundbreaking event. “We thoroughly enjoy working with the professional team at Cushman & Wakefield, as they continue to help us keep our focus centered on creating a differentiated workplace experience.”

Divvy is a financial technology company with a mission to make money smarter by modernizing payment processes and expense management. With Divvy, businesses can make one-time or recurring payments using integrated virtual and physical corporate credit cards — each tied to dynamic limits controlled by centrally-managed budgets. Divvy also automates expense management, delegates payment process, and gives financial leaders real-time visibility and control of companywide spending.

The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners, based upon a valuation approaching $1 Billion. From its launch in 2018, Divvy’s valuation has grown exponentially, across three rounds of equity funding.

The forecasted completion of the new corporate headquarters is June 1, 2020, joining companies such as Pluralsight and Nav, already under construction with headquarters locations in Draper. Over 500,000 sf of headquarters are currently under construction, along with an additional 275,000 sf of speculative construction within city limits. Looking ahead the next few years, the re-location of the Utah State Prison from Draper to an area near I-80 and 7200 West in Salt Lake City, makes hundreds of acres available for development and growth, potentially adding another technology hub.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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