Hines/Oaktree Joint Venture Acquires 4 Office Buildings From Boyer

The Salt Lake City office market was recently spurred on after a joint venture created by international real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management acquired a large chunk of The Gateway district’s office space. The four buildings acquired by the JV were sold by The Boyer Company for an undisclosed amount.

A joint venture of Hines and an affiliate of Oaktree Capital Management has given Salt Lake City’s office market a spark with a sizable acquisition from the Boyer Co. in The Gateway district. Terms were not disclosed.

Comprising 440,708 square feet of space, the buildings have an aggregate occupancy rate of about 91 percent. The portfolio offers good visibility from neighboring I-15 and easy access from the neighboring Intermodal Transportation Hub.

Noteworthy tenants include Barrick Gold, Bureau of Land Management Utah, Energy Solutions, Kearns Tribune, Salt Lake Tribune, Sungard Financial and Ernst & Young. A variety of nearby dining and entertainment options are available.

Hines and Oaktree Capital’s acquisition includes:

·         One Gateway – Built in 2002, the seven-story building offers 161,704 square feet. Located at 90 South 400 West

·         Three Gateway – Built in 2001, the six-story building offers 114,197 square feet. Located at 440 West 200 South

·         Five Gateway – Built in 2007, the four-story building offers 64,279 square feet. Located at 178 S. Rio Grande

·         Six Gateway – Built in 2012, the five-story building offers 100,528 square feet. Located at 460 West 50 North

The portfolio is the second Utah acquisition made by the Hines/Oaktree joint venture following last year’s purchase of the 248,352-square-foot South Towne Corporate Center in Sandy. Hines will handle property management on behalf of the joint venture.

Image courtesy of boyercompany.com