Search
 

Argus Realty Finds Deal in $24M, 24-Story Office Tower

SALT LAKE CITY-The buyers waste no time in buying the former University Club for 60% of the replacement cost, taking out a $16-million loan. The 217,035-sf building in Salt Lake City's CBD changes hands and gets a new tenant to boost occupancy to 96%.

By Beverly Ford | Updated on October 07, 2002

SALT LAKE CITY-When Argus Realty Investors LP found a 24-story steel-framed office tower in the Salt Lake City’s CBD at a price that was 60% of replacement cost, investors knew it was a deal too good to pass up.

Within 30 days, the investment firm had scooped up the former University Club Building from seller, Maier Siebel Baber, for $24 million, taking out a $16-million, fixed-rate, 10-year permanent loan, according to a contact close to the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.