HF Sinclair has signed a 40,367-square-foot, long-term lease at The 324, an workplace constructing in Salt Lake Metropolis. The agency will occupy the whole prime ground of the 221,245-square-foot property.
A three way partnership between Mortenson Properties and Hamilton Companions has owned the LEED Gold-certified asset since 2020. JLL brokered the deal on behalf of the owner, whereas CBRE represented the power firm.
Positioned at 324 S. State St. within the metropolis’s downtown, the transit-oriented, five-story constructing is lower than 8 miles from Salt Lake Metropolis Worldwide Airport. The College of Utah is a few 2 miles east.
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Initially accomplished in 1911 and beforehand generally known as Broadway Constructing, the low-rise served as a retail vacation spot till 1980, when it was transformed into workplace. The property then went into a number of renovations, which included a brand new foyer and amenity upgrades.
The 324 has floorplates averaging 36,144 sq. ft, a health middle, a wellness room and bike storage, in addition to convention and coaching amenities. The property options EV charging stations and a related parking storage.
JLL Government Vice President Jami Marsh and Vice President Amanda Lawson represented Mortenson Properties and Hamilton Companions within the leasing settlement.
Salt Lake Metropolis workplace emptiness charge declines
Salt Lake Metropolis’s workplace emptiness charge clocked in at 24.6 % on the finish of the primary quarter, down 50 foundation factors year-over-year, based on a Cushman & Wakefield report. The general common asking charge as of March was $25.6, 40 foundation factors decrease when in comparison with a yr in the past.
One of many largest leasing offers of final quarter was Zion’s Financial institution’s renewal of 320,455 sq. ft at 10 E. South Temple, the identical report reveals. Property Reserve owns the 18-story constructing, based on CommercialEdge.
