Fort Street Partners Closes on Landmark Office Tower in Heart of Downtown Salt Lake City

FOR IMMEDIATE RELEASE

Fort Street Partners Closes on Landmark Office Tower in Heart of Downtown Salt Lake City

The 15-story office tower located at 170 South Main Street closed on January 20, 2023 –a rare sale in downtown Salt Lake City’sCentral Business District.

SALT LAKE CITY, Utah, January 23, 2023 –Fort Street Partners has completed the acquisition of a 15-story office tower in the heart of downtown Salt Lake City. At more than 260,000 square feet, the building has become a fixture of downtown’s skyline and the heart of Salt Lake’s Central Business District (CBD). The property closed on January 20, 2023 and was sold by UBS Real Estate.

“We are thrilled to be in a position to make this acquisition and invest in downtown Salt Lake City,” commented Jim Balderson, Founder and CEO of Fort Street Partners. “The nation’s real estate market is in turmoil right now, but we are confident in Salt Lake City and believe prime real estate will perform well over the long term.”

Fort Street Partners has plans to activate the building’s first level retail space, with tenant amenity spaces and unique food options. In addition, the second floor is currently being designed for a multi-purpose training room, tenant lounge, serving kitchen and tenant library. With a big push to get employees back into the office, there will be a design focus centered around employee experience with modern meeting spaces and collaboration areas.

Balderson noted, “This property on South Main is an ideal downtown location on the most active corner in the city. We look forward to expanding the building’s amenities with modern design and collaborative spaces, which will bring great value to the downtown business community.”

The Covid-19 pandemic created a sharp increase in vacancy and sublease space in the office sector throughout the Utah market. The CBD submarket has outperformed the rest of the market in terms of leasing activity, but could still see headwinds with the work-from-home trend in the future. Vacancy in the CBD is currently at 18.3%* with a large portion of that space concentrated in the recently completed 95 South State and 650 Main buildings.

Jenny Taumoepeau, Fort Street Partners COO and Director of Acquisitions shared, “The challenging marketing conditions have created an opportunity for our team to acquire this landmark tower. We are committed to creating value for our investors and will continue to build on our momentum to acquire key assets at great prices.”

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