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<\/a>\u00a0KBS REIT III has acquired 222 Main, a Class A, LEED Gold office tower in the center of Salt Lake City\u2019s CBD for $170.5 million.<\/p>\nBuilt in 2009, the 426,657-square-foot structure was 85-percent leased at the time of purchase.<\/p>\n
\u201cWe feel 222 Main is a great investment for a number of reasons, including its location in the epicenter of Salt Lake City\u2019s CBD (two blocks from City Creek Center), adjacency to TRAX light rail station, commanding views of the Wasatch Range and its first-class finishes,\u201d Tim Helgeson, KBS\u2019 senior vice president\/asset manager, told Commercial Property Executive<\/i>. \u201cIt is the newest Class AA office tower in the CBD with state-of-the-art building systems and an efficient floor plate design.\u201d<\/p>\n
Designed by Skidmore, Owings & Merrill, the building was Utah\u2019s first LEED Gold building and includes a nine-story parking structure and 9,000 square feet of ground floor restaurant and retail amenities.<\/p>\n
Currently, Goldman Sachs is 222 Main\u2019s largest tenant, occupying 176,373 square-feet of the tower. Law firm Holland & Hart is the asset\u2019s second-largest tenant.<\/p>\n
According to Helgeson, 222 Main represented a very key and strategic opportunity for KBS to expand its presence in the Salt Lake City market, as KBS REIT III already owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.<\/p>\n
\u201cKBS\u2019 investment philosophy is always to seek to acquire the best assets in the best locations. 222 Main\u2019s location, quality and premier tenant roster was perfectly aligned with this strategy,\u201d he said. \u201cKBS plans to execute upon an amenity enhancement plan which will include the addition of a state-of-the-art fitness center and conference center for the use of 222 Main\u2019s tenants.\u201d<\/p>\n
It is located at the southwest intersection of South Main Street and West 200 South St., and is just 15 minutes away from Salt Lake International Airport.<\/p>\n
According to Rodney Richerson, KBS\u2019 western regional president, 222 Main\u2019s location was one of the key influencers in KBS REIT III\u2019s decision to move forward with the acquisition.<\/p>\n
\u201cCertainly, its proximity from the City Creek Center mixed-use development factored in, as well as its location in the center of Salt Lake City\u2019s CBD,\u201d he told CPE<\/i>.<\/p>\n","protected":false},"excerpt":{"rendered":"
KBS REIT III has acquired 222 Main, a Class A, LEED Gold office tower in the center of Salt Lake City\u2019s CBD, for $170 million.<\/p>\n","protected":false},"author":451,"featured_media":1004092119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,21742,21747,1606,21786],"tags":[],"class_list":["post-1004092118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-midwest","category-latest","category-office","category-salt-lake-city","category-sustainability"],"acf":[],"yoast_head":"\n
KBS REIT III Acquires Salt Lake City Office Tower for $170M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-acquires-salt-lake-city-office-tower-for-170m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS REIT III Acquires Salt Lake City Office Tower for $170M\" \/>\n<meta property=\"og:description\" content=\"KBS REIT III has acquired 222 Main, a Class A, LEED Gold office tower in the center of Salt Lake City\u2019s CBD, for $170 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-acquires-salt-lake-city-office-tower-for-170m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-04T15:05:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:47:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/KBSII.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-acquires-salt-lake-city-office-tower-for-170m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kbs-reit-iii-acquires-salt-lake-city-office-tower-for-170m\/\",\"name\":\"KBS REIT III Acquires Salt Lake City Office Tower for $170M - 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