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Salt Lake City’s Westgate Office Buildings, located at 300 West, has been sold to a private individual by Westside Property Associates. CBRE’s investment team of Craig Thomas and Eric Gustafson represented the Westside Property in the transaction.
Westgate consists of two office buildings, which were 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 downtown area has become an increasingly attractive area in which to invest,” said Craig Thomas, senior vice president of CBRE. “The property received multiple offers due to its proximity to Gateway, Energy Solutions and downtown.”
The property could easily be converted to multifamily use, Gustafson said.
“Rental rates over the past year increased by 4.7 percent in the downtown market,” he said. “With our 2013 forecast of an overall increase of 6.1 percent in rental rates, and a forecasted multi-housing vacancy rate of only 3.8 percent, it appears to be an excellent time to get into that market.”