Hines Buys Salt Lake City Project, Office

In Salt Lake City, Hines, in a joint venture with a subsidiary of a real estate fund managed by Oaktree Capital Management, has purchased South Towne Corporate Center in Sandy, UT, from KBS Realty Advisors. The two-building, 248,352-square-foot Class A office complex is located off of Interstate 15 just 15 miles south of downtown Salt Lake City and the Salt Lake City International Airport. The property is 99 percent leased to tenants including: Cadence; CoreLogic; E*Trade; New York Life; and Seamless. Hines has assumed property management responsibilities on behalf of the joint venture.

KBS Realty Advisors was represented in the transaction by Eastdil Secured.

This is the second asset purchased by the Hines/Oaktree venture. In 2011, it purchased Alton Corporate Plaza, a two-building office property in Irvine, CA