SALT LAKE CITY—Newport Beach, CA-based KBS Real Estate Investment Trust III has purchased of 222 Main for $170.5 million, plus closing costs. The 2009-built 222 Main was designed by Skidmore, Owings & Merrill and is Utah's first LEED Gold building.
According to Rodney Richerson, western region president, the building fits well within KBS REIT III's investment goal of “acquiring amenity rich, best-in-class assets that are located in strong job growth markets.” Along with 222 Main, KBS REIT III owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.
The 222 Main class-A office tower is located in the center of Salt Lake City's Central Business District. It was 85% leased at the time of purchase. GlobeSt.com learns that the seller was Bentall Kennedy.
The 426,657-sqare-foot tower includes a nine-story parking structure and 9,000 square feet of ground floor restaurant and retail amenities. The property is located at the southwest intersection of South Main Street and West 200 South Street.
Goldman Sachs is 222 Main's largest tenant, occupying 176,373 square-feet of the tower. Law firm Holland & Hart is the asset's second-largest tenant.
“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,” says KBS Capital Advisor SVP 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.”
222 Main also benefits from its immediate proximity to a TRAX Main Line light rail system stop, which allows passengers to access locations throughout Salt Lake Valley and provides a 15-minute ride to Salt Lake International Airport, says KBS.
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