SALT LAKE CITY — CBRE has announced the leased fee interest sale of a 1.71-acre parcel in downtown Salt Lake City. Located at 2 South 400 West in Salt Lake City, Utah, the land is where the newly developed Asher Adams hotel sits, and the purchase includes a ground lease for over 98 years. Safehold Inc., acquired the property.
CBRE’s Anthony DeLorenzo, Sammy Cemo and Bryan Johnson, in partnership with Will Pike and Patrick Bodnar, also of CBRE, represented the institutional seller in the transaction.
“This was a rare opportunity to secure a 98-year leased fee interest in a premier Salt Lake City location,” said DeLorenzo, Vice Chairman at CBRE. “The long-term ground lease offers Safehold reliable, growing income with minimal management, all in a market experiencing strong economic and demographic momentum.”
Located on the parcel is the brand new 225-key Autograph Collection hotel called Asher Adams. Completed in 2024, the hotel includes an adaptive reuse of the historic Union Pacific Depot Train Station.
The parcel’s exceptional location on the north side of the Gateway is across the street from the Delta Center. It is within walking distance of numerous attractions in the downtown area.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.