Wednesday, September 11, 2013

HFF arranges $53.9 million acquisition financing for a four-property office portfolio in Salt Lake City, UT


Gateway Development, Downtown Salt Lake City, UT

LOS ANGELES, CA – HFF announced today that it has arranged a $53.9 million financing for a four-property, Class A office portfolio totaling 440,708 square feet in Salt Lake City, Utah.

Paul Brindley
HFF worked on behalf of a venture between a subsidiary of a fund managed by Oaktree Capital Management, L.P. and Hines, to secure the five-year, floating-rate loan through California Bank & Trust.  The loan proceeds were used to acquire the portfolio.

Built between 2001 and 2012, the four buildings are located in downtown Salt Lake City within the Gateway development, a mixed-use urban lifestyle center that includes a total of 760,000 square feet of Class A office space and approximately 130 retail, dining and entertainment venues including the Clark Planetarium, Megaplex 12 at The Gateway, and the Discovery Gateway Children’s Museum. 

The portfolio is 93percent leased to tenants such as Ernst & Young, Barrick Gold of North America, Energy Solutions, and various government agency tenants.

The HFF team representing the borrower was led by senior managing director Paul Brindley and senior real estate analyst Jeff Sause.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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