SOURCE: Cushman & Wakefield | Commerce
SALT LAKE CITY, UT--(Marketwired - Mar 12, 2014) - Cushman & Wakefield | Commerce today announced that a team of its brokers has completed the sale of 222 Main; a Class A, trophy office tower which is widely considered the finest office property in Salt Lake City.
With 426,657 square feet, the sale of this landmark building is the largest single-asset sale in the history of the state. 222 Main was sold by Chicago-based Hamilton Partners, who developed the property, to KBS of Newport, Calif., which is one of the nation's preeminent buyers of commercial real estate and structured debt investments. KBS has completed approximately $30.0 billion in transactional volume since its inception in 1992.
222 Main is the greenest building in the market with LEED Gold certification, Energy Star rating, state-of-the art infrastructure, energy efficient fixtures and green building materials. The property is currently 85 percent leased to a prestigious tenant roster including Goldman Sachs, Holland and Hart, and others.
The Cushman & Wakefield | Commerce team was led by Tim Richey, Vice Chairman of the Capital Markets Group in Denver, Colo. The other members of the team included: Michael Winn, Vice Chairman of the Cushman & Wakefield Capital Markets group in Denver, Colo.; Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce in Salt Lake City; Mike Richmond, Executive Director for Cushman & Wakefield | Commerce in Salt Lake City; and Marc Renard, Vice Chairman & Executive Managing Director of Cushman & Wakefield Global Capital Markets Group, in Los Angeles, Calif.
"The sale of this premier office building is the largest deal Salt Lake City has seen to date," Richey said. "The competition for this stunning property was extremely active because everything about it from the tenants, its location, its energy efficiency, to its gorgeous design all add up to make it exceptionally appealing to investors."
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.