KBS Real Estate Investment Trust III, a public non-traded REIT, announced this week that it had purchased 222 Main in Salt Lake City's Central Business District for $170.5 million plus closing costs, making it a record-setting deal for commercial real estate in Salt Lake City, on a cost per-square footage basis. The 426,657-square foot tower was sold by a joint venture of Bentall Kennedy, Hamilton Partners and Honeywell Retirees Pension. Marc Renard of Cushman & Wakefield, Kip Paul of Cushman & Wakefield | Commerce, and Tim Richey and Michael Winn of Cushman & Wakefield of Colorado coordinated the sale on behalf of the selling venture. The property was 85% leased at the time of sale.
"We believe 222 Main was designed to the highest standards with first-class finishes throughout which, along with its location in Salt Lake City's CBD, makes it a premier office property," said KBS Capital Advisors Senior VP Tim Helgeson. "This is an asset that benefits from unobstructed views of the Wasatch Range. Additionally, downtown Salt Lake City is just two blocks from the $2 billion City Creek Center mixed use development, which features numerous first-class amenities."
Designed by the international architecture firm Skidmore, Owings & Merrill, the 22-story tower at 222 Main was built in 2009 by Okland Construction and was the first Utah building to be LEED Gold certified. The sale drew national interest and multiple bids from local and out-of-state investors, according to one of a team of real estate brokers at Cushman & Wakefield | Commerce offices in Salt Lake, Denver and Los Angeles who were involved in the sale. "We had huge traffic on this," said Kip Paul, the firm's director of investment sales in Salt Lake. "I can't tell you how many people flew in to see this."
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