SALT LAKE CITY – (Realty News Report) – A development partnership between Houston-based Patrinely Group and USAA Real Estate has begun construction on a new downtown Salt Lake City office tower anchored by a financial services firm.
EnerBank USA, a national consumer lender, will lease 88,900 square feet on the top three floors of the 10-story, 322,100-square-foot building. The tower, named 650 Main, will also include 4,600 square feet of ground-floor retail space.
A second office tower adjacent to 650 Main is planned for phase two of the development.
Designed by the HOK architecture firm, 650 Main is scheduled for completion in the first quarter of 2022.
The building will feature floor-to-ceiling glass, 10- and 11-foot ceiling heights to maximize natural light, outdoor tenant terraces, and framed mountain views.
“We have a building that meets the expectations of today’s office users by creating an amenity-rich environment with large, light-filled floor plates and tall ceiling heights, along with generous parking and unimpeded views,” said Robert Fields, president and CEO of Patrinely Group.
The sustainable project is expected to achieve LEED v4 Gold certification.
Construction financing is provided by QuadReal Finance Inc., a global real estate investment, operating and development company headquartered in Vancouver, Canada.
In addition to the retail space, 238,600 square feet of office space remains available and is being marketed by the landlord’s leasing team: Aaron Jones, Todd McLachlan and Roman Bernardo of Newmark Knight Frank, under the direction of Dennis Tarro of Patrinely Group.
The planned second-phase building, located at 645 W. Temple, would add approximately 326,000 square feet of office space. A future TRAX light rail station is planned nearby, improving transit access for tenants and visitors.
Salt Lake City’s real estate market has shown sustained growth, including active homebuilding. The Daybreak master-planned community in South Jordan reported 507 new-home sales in the first half of 2020 — a 40 percent increase over the 362 new homes sold in the same period in 2019 — according to RCLCO Real Estate Advisors’ midyear report. Daybreak ranked fifth among U.S. master-planned communities for midyear new-home sales.
July 16, 2020 Realty News Report Copyright 2020
File: Salt Lake City Tower