May 15, 2012

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

KBS REIT III Acquires Class A Office Property

Press Release

May 15, 2012

KBS Real Estate Investment Trust III (KBS REIT III), a publicly registered, non-traded real estate investment trust based in Newport Beach, Calif., has added another signature office building to its portfolio with the acquisition of Gateway Tech Center, a 198,565-square-foot converted warehouse property in downtown Salt Lake City. The acquisition marks the REIT’s fifth equity asset for a total of more than 1.2 million square feet.

Gateway Tech Center is a five-story Class A office building situated on nine acres near the Gateway District, a 40-acre mixed-use development. Originally constructed as a warehouse facility in 1909 for the Salt Lake City Hardware Company, the building was renovated and converted into modern office space in 1996. The property at 155 North 400 West St. is 92 percent leased to 16 tenants, including Western Electricity Coordinating Council, SUPERVALU INC., and Utah Associated Municipal Power Systems.

“Gateway Tech Center is a solid addition to the REIT III portfolio,” commented Peter Mette, KBS Northwest Region senior vice president and director of acquisitions and dispositions. “The building’s brick and timber construction is the preferred product type for the vibrant Salt Lake City technology sector. Furthermore, the new multimodal transit center adjacent to Gateway Tech Center is scheduled to open in 2013, which will materially enhance access to the property and attract tenants.”

KBS-affiliated companies also own Parkside Tower in downtown Salt Lake City and South Towne Corporate Center in Sandy, Utah, for a total of 636,993 square feet in Utah.

(5.15.12)

Utah Business Social
UB Events View All
30 Women to Watch 2014!Utah Business Event
May 22, 2014
Thirty of Utah’s most dynamic women will be recognized at the 15th Annual 30 Women to Watch Awar...
Community Events View All
Branding Utah
Apr 18, 2014
Vicki Varela, managing director for the Utah Office of Tourism, Film and Global Branding, will sh...
Excel Level 1
Apr 22, 2014
A hands-on, interactive class covering Microsoft Excel fundamentals. Explore the new user interfa...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel