Salt Lake City— Mortenson Properties, the real estate investment arm of M.A. Mortenson Companies, and Hamilton Partners, today announced the purchase of The 324 office building in Salt Lake City. The building is a 215,000 square foot, five-story building with an attached parking garage. Located at 324 S. State Street at the corner of Broadway and State in the heart of downtown Salt Lake City, the site is the historic location of Auerbach’s department store.
Mortenson and Hamilton Partners are planning to implement a robust amenity package featuring the addition of a market-leading rooftop patio that will provide indoor and outdoor space offering breathtaking views of the Wasatch Range. Construction work will be completed by Mortenson Construction, an affiliated business to Mortenson Properties.
“Salt Lake City is a market that was identified because we loved the demographics, labor markets and economic diversity.” said Ryan Bergman, vice president at Mortenson Properties. “We are thrilled to be taking an active role on this reposition and are excited about the improvements that are planned for the building. We look forward to welcoming tenants at The 324 and we expect this to be the first of many investments in Salt Lake City.”
Riley Smith, Drew Bryan and Daren Jones at Mortenson worked with Bergman on the deal.
“Hamilton has been a proud member of the Salt Lake City community for over 20 years. We’re thrilled to welcome Mortenson to the market, especially with the acquisition of a historically significant building as The 324,” said Tim Stephens, Partner at Hamilton Partners. “We are looking forward to a long and prosperous partnership, and to showing the market what we know The 324 can be.”
Newmark Knight Frank’s Executive Managing Director Bryce Blanchard and Senior Managing Director Rick Stumm brokered the sale in partnership with Co-Head of US Capital Markets Kevin Shannon and Executive Managing Director Ken White. The JLL Capital Markets team representing the borrower was led by Senior Director Leon McBroom and Analyst Rob Cronenberg who worked to secure financing through ArrowMark Partners.
About Hamilton Partners
Hamilton Partners (HP) was formed in 1987 after a core group of partners separated from Trammell Crow’s Midwest operations. HP has since grown to be one of the largest privately held real estate development firms in the central US with a total portfolio of over 17 million square feet. HP’s portfolio consists of office, industrial, apartment and retail properties with projects in Chicago, Salt Lake City, Denver, Milwaukee and Raleigh Durham.
The partners and employees of Hamilton Partners care, in a very personal way, about success earned by the company. We know that prosperity in the future depends on performance today. It is with confidence in our vision for the future that our company continues the work its people know best.
For additional information, visit www.hamiltonpartners.com.
About Mortenson
Mortenson Properties, Inc. (MPI) is the real estate investment arm of M.A. Mortenson Companies, Inc. MPI portfolio has properties in Utah, Colorado and Minnesota composed of office, medical, life science and industrial assets.
Mortenson is a US-based, top-20 builder, real estate developer and engineering services provider serving the commercial, institutional and energy sectors. Mortenson’s expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high performing assets. The result is a turnkey partner, fully invested in the business success of its customers. For additional information, visit www.mortenson.com.