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.