KBS Expands Salt Lake City Foothold With Gateway Tech Center
- May 28, 2012
KBS Realty Advisors has added to its Utah portfolio with the
acquisition of Gateway Tech Center, a 198,565-square-foot Class A office
building located near the 40-acre Gateway District in Downtown Salt Lake City.
Located at 155 North 400 West Street, the five-story Gateway
Tech Center was built in 1909 as a warehouse and converted to office space in 1996. Currently leased to 16 tenants, Gateway Tech Center is 92 percent
occupied, with a tenant roster including Western Electricity Coordinating
Council, SUPERVALU INC., and Utah Associated Municipal Power Systems.
KBS expects Gateway Tech Center’s vintage construction to
provide a competitive advantage. “The building’s brick and timber construction
is the preferred product type for the vibrant Salt Lake City technology
sector,” said Peter Mette, senior vice president for the northwest
region and director of acquisitions and dispositions. Another draw for tenants is
expected to be a neighboring multimodal transit center that will provide
convenient access to employees when it opens next year.
Gateway Tech Center is the fifth asset acquired by KBS Real Estate Investment Trust II, a non-traded REIT that has purchased properties totaling 1.2 million square feet. KBS Realty Advisors owns office assets in Utah
totaling 636,993 square feet, including Parkside Tower in Downtown Salt Lake
City and South Towne Corporate Center in Sandy.
For further Salt Lake City insights check out our Market Snapshot.