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2/19/20
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There has been 50k sf of new leases signed at the Salt Lake Hardware Building in downtown Salt Lake City, UT. The transactions include a new 22.9k sf lease by a medical device company, a new 5.7k sf lease by a local tech company and the renewal of a 19.4k sf lease with a national energy company.
The Salt Lake Hardware Building is a five-story, historic, Class A office building encompassing over 210k sf of space. Situated on the periphery of the city’s Central Business District, at 155 North 400 West, the asset is owned by KBS Real Estate Investment Trust III.
Built in 1909, the Salt Lake Hardware Building is listed on the National Register of Historic Places. Originally constructed as a warehouse facility for the Salt Lake Hardware Company, a wholesale distributor of hardware products, the structure was completely renovated, seismically upgraded and converted to office use in 1996.
KBS maintained the original brick and timber design of the building, making the asset an attractive location for Salt Lake’s burgeoning tech sector, according to Tim Helgeson, senior vice president and asset manager of the property. The property features large floor plates which are ideal for large users but can also be broken down to accommodate smaller tenants.
On-site amenities include a café, bike storage and an atrium. The building will soon include an on-site fitness center and shared tenant conference rooms with a lounge area, further increasing the structure’s value to its occupiers.
“The Salt Lake Hardware Building provides today’s forward-thinking companies with a modern and conveniently accessible workplace,” notes Helgeson. “This is a truly unique property in the city based on its history, look, and use. The design in particular is special in that it allows the building to retain all of its historic aspects while serving as a contemporary office property with state-of-the-art amenities. We’ve updated the building while keeping the original historic charm.”
Scott Wilmarth and Nadia Letey of CBRE represented KBS in the leases.
Utah’s strong fundamentals, including low unemployment and high job growth, continue to rank among the best in the nation, according to CBRE’s Q4 office market report. The Salt Lake City-Provo office market absorbed 505,125 square feet on net in Q4 2019, with the majority of the activity coming from the Draper and Utah County North areas.
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