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| The 324, a 214,500-square-foot office building located at 324 South State Street, Downtown Salt Lake City, Utah. |
DENVER, CO, Sept. 28, 2020 – JLL Capital Markets announced today that it has arranged financing for The 324, a 214,500-square-foot office building located at 324 S. State Street in Salt Lake City, Utah.
JLL worked on behalf of the borrower, Mortenson Properties,
the real estate investment arm of M.A. Mortenson Companies, to secure the
four-year, floating-rate loan, with a one-year extension, through ArrowMark
Partners.
The
loan will allow for additional proceeds for the borrower to use towards planned
renovations.
The 324 was converted to office space in the 1980’s from its
historic roots as the famed Auerbach’s Department Store, which was originally
constructed in 1911.
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| Leon McBroom |
The property’s office spaces average 38,000 square feet, with most recent renovations occurring in 2019 and future plans to implement a robust amenity package featuring the addition of a market-leading rooftop patio that will provide indoor and outdoor space and offering breathtaking views of the Wasatch Range.
The five-story
property sits on 1.88 acres and is prominently located on the corner of State
Street and Broadway at the heart of Downtown Salt Lake City, with tenants
having access to the city’s bustling restaurant, entertainment and night life
scenes, financial centers and shopping.
Additionally, the office is just steps from
the city’s most notable landmarks, such as the Eccles Theater, Gallivan Center
and the 700,000-square foot City Creek Mall.
The JLL Capital Markets team representing the borrower was
led by Senior Director Leon McBroom.
“This deal was placed on pause as a result of COVID-19, but we continued to track the debt market and advise Mortenson,” stated McBroom.
“As
lenders started to reenter the market in late May, Mortenson put the deal back
under contract. We were thrilled with the feedback from quotes sourced from 10
different lenders.
"We
ultimately elected to go with ArrowMark, and their balance sheet execution was
deemed extremely important in eliminating execution risk.”
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CONTACT:
Natalie
Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307
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