 |
| Nadia Letey |
The leases include a new 22,918
square-foot lease by a medical device company, a new 5,682 lease by a local
tech company and the renewal of a 19,369 square-foot lease with a national
energy company.
 |
| Scott Wilmarth |
Scott Wilmarth and Nadia Letey of
CBRE represented KBS in the leases.
The Salt Lake Hardware Building is a
five-story, historic, Class A office building encompassing over 210,000 square
feet. Situated on the periphery of the city’s Central Business District, the
asset is owned by KBS Real Estate Investment Trust III.
“We’ve seen strong tenant demand
throughout our entire Salt Lake City portfolio with over 100,000 square feet of
net absorption in 2019,” says Rod Richerson, regional president, Western
United States, for KBS.
“Much of this demand is driven by new
companies expanding into the market, which is evidence of the city’s booming
economic growth.
 |
| Rod Richerson |
"The region has experienced robust
job growth and declining vacancy. These metrics align with KBS’ proven strategy
of investing in emerging markets with strong fundamentals for future growth.”
Built in 1909, the Salt Lake Hardware
Building is listed on the National Register of Historic Places. Originally
constructed as a warehouse facility for the Salt Lake Hardware Company, a
wholesale distributor of hardware products, the structure was completely
renovated, seismically upgraded and converted to office use in 1996.
KBS maintained the original brick and
timber design of the building, making the asset an attractive location for Salt
Lake’s burgeoning tech sector, according to Tim Helgeson, senior vice
president and asset manager of the property.
“The Salt Lake Hardware Building provides
today’s forward-thinking companies with a modern and conveniently accessible
workplace,” notes Helgeson.
“This is a truly unique property in the
city based on its history, look, and use. The design in particular is special
in that it allows the building to retain all of its historic aspects while
serving as a contemporary office property with state-of-the-art amenities.
We’ve updated the building while keeping the original historic charm.”
The property features large floor plates
which are ideal for large users but can also be broken down to accommodate
smaller tenants.
 |
| Tim Helgeson |
On-site amenities include a café, bike
storage and an atrium. The building will soon include an on-site fitness center
and shared tenant conference rooms with a lounge area, further increasing the
structure’s value to its occupiers, according to Helgeson.
“KBS has demonstrated great attention to
detail with its renovations at the Salt Lake Hardware Building, adding
in-demand amenities while ensuring the site’s architecture and history remain
preserved. This has helped create a unique, creative office environment that is
highly desired by today’s tenants,” noted Letey, first vice president with
CBRE.
 |
| Salt Lake Hardware Building, 155 North 400 West, Salt Lake City, UT |
The Salt Lake Hardware Building also
offers tenants several transportation amenities. Recognized as the best-served
transit-oriented office project in the city, tenants enjoy walkable access to
the Vivint Station TRAX line and the FrontRunner station.
 |
| Peter Bren |
KBS is
one of the largest investors of premier commercial real estate in the
nation.
As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $40 billion on behalf of private and institutional investors globally.
As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $40 billion on behalf of private and institutional investors globally.
Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country.
The
firm is committed in its business ethics, its business relationships
and its constant focus on exceeding the expectations of its investors, partners
and tenants.
SEC
registration as an investment advisor does not imply any particular level of
skill or training.
 |
| Charles (Chuck) Schreiber |
CONTACT:
Micaela Fehrenbach
mfehrenbach@brower-group.com