SALT LAKE CITY—July 21, 2015—Cushman & Wakefield | Commerce is pleased to announce the sale of the 175 South West Temple multi-tenant Office Building, located in the Central Business District (CBD) of Salt Lake City, Utah. Kip Paul, Executive Director of Investments with Cushman & Wakefield | Commerce, represented Del Mar Partners as the seller. The buyer was Stoltz Real Estate Partners, located in Pennsylvania.
“The 150,461 square foot office building is currently 93% occupied,” says Paul. “It boasts a quality tenant roll, including Verizon, SkyWest Airlines, Sallie Mae, ALSCO, CBIZ, and Helix Education. Office buildings available for purchase in the CBD are uncommon. The buyers are excited to be a part of the vibrant downtown expansion, which includes the recent construction of 111 S Main, numerous apartment projects under construction, and the anticipated addition of the convention hotel.”
The unique proximity of 175 South West Temple to the Salt Palace Convention Center, City Creek Shopping Center, and other amenities of the CBD generated significant investor interest to the property. More and more, new and existing businesses are locating their operations downtown, as they seek to accommodate the influx of young people looking for good access to local transportation and centralized housing and cultural opportunities.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, with headquarters in Salt Lake City, Utah, is an independently owned and operated member of the Cushman & Wakefield Alliance. The firm operates offices throughout Utah, Nevada, Washington and Idaho and partners with its sister company Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients They offer transaction services, capital markets services, occupier and investor services, and real estate advisory. Together, the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, report annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. C&W | Commerce and C&W | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.