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October 27, 2020
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Mortenson Properties Buys Creative Office Asset in Salt Lake City

10/01/20

Mortenson Properties, the real estate investment arm of M.A. Mortenson Companies, acquired a 221.1k sf, recently renovated creative office building in the heart of Downtown Salt Lake City. The price was not disclosed.

The five-story, brick-clad building, located at 324 South State St, is 75% leased to a strong mix of tenants, including Ancestry.com, Spectrum Engineers and Utah’s Department of Financial Institutions, among others. The building, which was awarded the Energy Star label in 2018, features large floorplates, scenic views, a fitness center, an adjacent parking structure, collaborative common areas and signage. Additionally, Ginger Street restaurant recently opened on the ground level in 2019, adding a new vibrant night scene to the property with music and outdoor patio seating.

Situated in Downtown’s financial, cultural and retail/entertainment districts, the property is ideally located and in proximity to hotels, restaurants, shopping centers, public transit and residential housing options. New office, residential, hotel and arts and entertainment developments are redefining Salt Lake City’s skyline while creating jobs and attracting residents, visitors and wealth into the urban center.

The seller was Hamilton Partners and Cantor Equities. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard with Newmark Knight Frank brokered the sale.

The strength of Salt Lake City’s economic diversification allowed for the metro to weather the pandemic and it is on track to recover faster than much of the nation, according to NKF Research. Office vacancy went up across all class types in Q2 2020, with Class A having the largest quarterly jump from 5.2% to 7.1%; much can be attributed to the influx of Class A deliveries.




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