Salt Lake City – Feb 12, 2013 – The Salt Lake City office of CBRE is pleased to announce the sale of the Westgate Office Buildings located on 300 West in downtown Salt Lake City. CBRE’s Craig Thomas and Eric Gustafson represented the Seller, Westside Property Associates LP, in the transaction.
“The downtown area has become an increasingly attractive area in which to invest”, said Craig Thomas, Senior Vice President with CBRE. “The property received multiple offers due to its proximity to Gateway, Energy Solutions and downtown.”
Westgate consists of two office buildings, originally constructed in 1919 and 1929 and thoroughly renovated in 1985. The buildings total 73,695 SF and are located between Gateway Mall and Salt Lake City’s Central Business District.
“The property can easily be converted to multifamily use”, said Eric Gustafson, Vice President with CBRE. “Rental rates over the past year increased by 4.7% in the downtown market. With our 2013 forecast of an overall increase of 6.1% in rental rates, and a forecasted multi-housing vacancy rate of only 3.8%, it appears to be an excellent time to get into that market.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.