Enhancements Will Transform Tower to Class A Status
Salt Lake City – August 24, 2015 – The Salt Lake office of CBRE, in conjunction with Maier Siebel Baber (MSB), is pleased to announce the commencement of renovations at South Temple Tower, located at 136 East South Temple in Salt Lake City. MSB is the building’s owner. Eric Smith, Kreg Peterson and Laurie Adair of CBRE oversee leasing of the building, while Jim Pivirotto of CBRE is the on-site property manager.
South Temple Tower is a 24-story, 216,976-square-foot high rise in the Central Business District. MSB has commenced renovation of the office building to enhance the look and feel of the tower and create a true “Class A” image. These plans include a newly designed two-story lobby; a redesigned main entry plaza; completely renovated elevator lobbies; new, relocated restrooms with high-end finishes; and a new exterior skin on the lower portion of the building.
“Salt Lake City is in the midst of a transformational period” stated Eric Smith, senior vice president. “These enhancements will solidify South Temple Tower’s standing as a true, Class A asset in this emerging city, and will elevate the experience of both tenants and visitors of the building.”
Installation of the new exterior skin is currently underway; renovations have also begun on the interior lobbies. The final completion date for all renovations is January of 2016.
Kenneth Baber, president and CEO of MSB, added, “There has been substantial investment in the downtown area over the past several years with the addition of City Creek and the anticipated Performing Arts Center, among other projects. The enhancements occurring at South Temple Tower reflect our outlook on the Salt Lake market; it is a strong metropolitan area that continues to improve and we want to ensure that our assets are well-positioned to improve alongside it.”
Based in San Francisco, Maier Siebel Baber specializes in properties with solid construction in prime locations with improving markets. MSB is familiar with the Salt Lake market, having previously owned more than 1 million square feet of office space in several Salt Lake area office buildings, including the Triad Center and HR Tower. In addition to South Temple Tower, MSB currently owns Lone Peak Center Campus in Draper, a Class A business park consisting of eight buildings totaling approximately 500,000 square feet.
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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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.