Salt Lake City—Newmark Grubb ACRES (NGA) is pleased to announce the sale of the historic 324 S State Street building from 324 State Street Partners, LLC, an affiliate of DPI, to Hamilton Partners. The 205,882 SF creative office building is located on 1.88 acres in the heart of downtown Salt Lake City, Utah. Originally constructed in 1911, 324 S State Street was home to the famous Auerbach’s department store until its conversion for office use in the early 1980s.
Newmark Grubb ACRES Executive Vice President Bryce Blanchard, Senior Vice President Collin Perkins, and Vice President Casey Mills in conjunction with NGKF Executive Managing Director Ken White and Managing Director Rick Stumm brokered the transaction.
Regarding the transaction, Blanchard said, “We were thrilled to put together this transaction for this strategic downtown Salt Lake City office asset.”
The Hamilton Partners organization is a longtime owner and developer in downtown Salt Lake City, witnessing firsthand the tremendous impact of the improvements to the downtown, and the resulting boom in the depth and quality of the market. George Arnold, a partner with Hamilton Partners said, “We expect to remain bullish on the market for the foreseeable future and a goal for our group is to expand our presence here in the Central Business District of Salt Lake City, so as soon as this terrific property became available we moved aggressively to acquire it. 324 South State Street is an example of an historic building that through physical upgrades and creative space planning provides a perfect environment for the high ceiling, open space needs of today’s modern tenant. Our plan is to invest quickly in upgrading the look and feel of the building whose central location, easy access to public transport and large parking capacity position it to not only provide outstanding tenant satisfaction but also contribute to the continuing growth of this amazing city.”