SALT LAKE CITY-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Maier Siebel Baber has purchased 136 E. South Temple, now known as the South Temple Tower.
Based in San Francisco, Maier Siebel Baber is familiar with the Salt Lake Market having previously owned more than 1 million square feet of office space in several Salt Lake area office buildings. They currently own Lone Peak Center, a three-story, 87,785-square-foot, class-A suburban office building in Draper, Utah.
Although sources involved in the deal tell GlobeSt.com that financial details are confidential, we did learn that MSB will retrofit the 24-story 216,976-square-foot high rise and has appointed Architecture Design to oversee the process.
Craig Thomas, Eric Gustafson and Eric Smith of CBRE represented the seller, which they disclosed to GlobeSt.com is an entity called South Temple Holding LLC. CBRE will continue to both manage and lease the asset.
The retrofit plans for the building include a completely renovated and refurnished two-story, class-A lobby; a new main entry plaza; completely renovated elevator lobbies with class A finishes; new exterior skin on the lower portion of the building; and a pedestrian sky-bridge connecting the building to the rear parking garage, among other improvements.
“The planned upgrades will enhance the entire look and feel of the building, and create a true class-A image for South Temple Tower,” says Kenneth Baber, president and CEO of MSB.
According to Thomas, a SVP at CBRE, “South Temple Tower is a perfect fit for MSB's business model and long-term plan.”
CBRE first vice president Smith adds that “They are smart to make these improvements at a time when the market is gaining strength; it will assist them in attracting forward-thinking, quality tenants, solidifying the asset's long-term value.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
