Downtown Updates
Commercial tenants coming back to Salt Lake City
(Rick Egan | The Salt Lake Tribune) The renovated office tower at 257 E. 200 South, Wednesday, December 19, 2012.
257 Tower » The 13-story office building undergoing renovations
By Dawn House | The Salt Lake Tribune
http://www.sltrib.com/sltrib/money/55496433-79/building-257-tower-lake.html.csp
The 13-story office building, 257 Tower, is among several landmarks in downtown Salt Lake City that have been renovated and are attracting new tenants.
Catalyst for the downtown revitalization was the March opening of City Creek Center, the $2 billion megamall built by the LDS Church to flank its Salt Lake temple with housing towers, retail stores, restaurants and office space.
"A lot of money and effort has gone into revitalization of the downtown, and now owners are recognizing the opportunity to renovate buildings, particularly those in close proximity to City Creek," said Eric Smith, first vice president at commercial real estate firm CBRE, property manager for 257 Tower.
Tenants who moved to the suburbs during the massive reconstruction are coming back, Smith said Wednesday, shortly before a media tour of 257 Tower, located at 257 E. 200 South.
Smith points to other historic buildings that have undergone renovations in anticipation of the opening of City Creek.
The historic Boston office building at 9 Exchange Place was renovated in a project that began in 2008. All 11 floors were torn out and updated during the $10 million upgrade. In addition, the grand staircase that runs top to bottom was restored, and hundreds of thousands of individual tiles on the stair’s risers were replaced.
The Walker Center also has been renovated into a modern Class A office facility. The 20-story historic building on the corner of Main and 200 South is celebrating its 100th anniversary through January.
Walker Building co-owner James Tozer Jr. said he purchased the building in 2006, knowing that Salt Lake City had a need for Class A office space. He said developers should look beyond the suburbs in filling space. Out-of-state tenants can be attracted to the city, which is a regional transportation hub with a strong higher education system and surrounding scenic wonders, he said.
To that end, Goldman Sachs moved into the newly-opened, 22-story building at 222 S. Main Street last year. With more than 1,400 employees, Goldman Sachs’ Salt Lake City office is the New York-based investment firm’s second largest North American location.
Statewide, Class A space has experienced the strongest demand increase in all areas of the commercial real estate market, according to a report by commercial real estate firm NAI West. Class A space represents the best-looking buildings with top-notch construction. These buildings, well-located and professionally managed, command the highest rents.
At 257 Tower, the entry plaza is being renovated, with new stairs, benches and canopies with night-time illumination. Common areas and rest rooms will be updated on the five top floors, and the building’s exterior has been cleaned and repainted. Method Studio was the architect and Layton Construction is overseeing the renovation...
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