Sale of 238,000 SF building in downtown Salt Lake City represents a return to competitive market
SALT LAKE CITY—Jan. 16, 2013—Cushman & Wakefield |Commerce (www.comre.com), today announced the sale of the former Quester Office Building located in downtown Salt lake City at 200 East 100 South. The 238,000 SF building and the 4.88 acres upon which it resides was purchased by the Boyer Company of Salt Lake City from Starwood Capital of Washington D.C.
Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce along with Vasilios Priskos of Internet Properties represented both the buyer and the seller.
“This sale demonstrates a strengthening in the market,” Paul said. “Although the building has been vacant for about a year, we were able to generate eight offers in two weeks and the Boyer Company came out on top. These multiple offers represent a return to a more competitive market.”
Paul said that part of the appeal for the site is it sits on 4.88 acres, which is almost half a city block situated diagonally across the street from City Creek. “The new owners will be looking at options on how to make best use of the building and will likely build on the vacant property,” he added.
About Cushman & Wakefield |Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.