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KBS REIT III Makes Second Major Salt Lake City Acquisition

Newport Beach, CA-Based Firm Closes On 21-Story Tower Housing Goldman Sachs' Office
March 3, 2014
A non-traded REIT sponsored by KBS Capital Advisors acquired 222 Main, a 21-story, 426,657-square-foot office at 222 South Main St. in downtown Salt Lake City.

The building, which houses a large regional office of Goldman Sachs, was sold by a joint venture of Bentall Kennedy, Hamilton Partners and Honeywell Retirees Pension for $170.5 million, or about $400 per square foot, plus closing costs.

Designed by Skidmore, Owings & Merrill, 222 Main was built in 2009 and qualified as the first LEED Gold office building in the state of Utah. The property is situated near a light rail line and includes a nine-story parking garage as well as 9,000 square feet of ground-level retail space.

The building was 85% leased at the time of the sale, with Goldman Sachs occupying 176,173 square feet and law firm Holland & Hart leasing nearly 77,000 square feet.

This is the second acquisition in Salt Lake City for Newport Beach, CA-based KBS, which also owns the 198,324-square-foot Gateway Tech Center at 155 N. 400 W. St.

"222 Main is an asset that fits well within KBS REIT III’s investment goal of acquiring amenity rich, best-in-class assets that are located in strong job growth markets," said Rodney Richerson, KBS Capital Advisors’ western region president.

Marc Renard of Cushman & Wakefield, Kip Paul of Cushman & Wakefield/Commerce, and Tim Richey and Michael Winn of Cushman & Wakefield of Colorado coordinated the sale on behalf of the selling venture.

Please see CoStar Comp #2968227 for more information on the transaction.

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