1 312 419 4900, T3 West Midtown383 17th Street NW, Suite 100Atlanta, GA 30363 In New York City, the One Wall Street tower in the center of the financial district is only now ready for condo sales after a nearly eight-year construction, the New York Post reported. Malls still play a key role in the wider retail landscape. . Hines recognized our expertise and were proud to be continuing our relationship with them in Salt Lake City.. Read the full article here. United States Hines JV Sells Salt Lake City-Area Industrial Asset, Top 5 Industrial Properties Under Construction in Dallas-Fort Worth, Tishman Speyer, Silverstein Close $330M Refi for Manhattan Office Tower, Data Centers Proliferate Despite Global Roadblocks, How the IRS Streamlined a Key CRE Tax Strategy, FTI Experts Hub: Expect More Office Distress in H2 2023, IMPEL: Propelling Emerging Building Technologies to the Forefront of Construction. The rising price of industrial assets is a common theme across the U.S., and Utahs leading market is no exception. das Naes Unidas, 12901Torre Norte - 6 andarSo Paulo 04578-910 The Jazz . While the purchase price could not yet be learned, Hines Buys Salt Lake City Office Property; Conversion to Apartments Planned, 120-Room Hotel to be Developed in Metro Baltimore Area, SPI Advisory Buys 228-Unit Apartment Property in Dallas, Fisher Brothers Lines Up $117.5Mln Construction Loan for Miami Apartments. 353 1 7999900, Via Broletto 35Milan 20121 . Commercial Real Estate Direct Staff Report Hines has acquired South Temple Tower, a 217,000-square-foot office property in Salt Lake City. South Temple Tower offers unobstructed views of the city skyline, the Capitol, and the Wasatch Mountain. . www.copyright.com. A golf-themed evening honored Mike Hickok's retirement while celebrating the firm's 35th Anniversary and ventures into new turf outside the region. The latest multifamily news, delivered every morning. Register today! 1 713 621 8000 Liberty Park. The adaptive reuse project will reduce embodied carbon by limiting new construction materials. Utah officials respond to criticism over long-term care facilities The market may be approaching its low point, though sales data lags. . 0039 02 8962921 Italy.info@hines.com, Toranomon Hills Mori Tower 6F1-23-1 Toranomon, Minato-kuTokyo 105-6306 High demand from industrial owner-users and investors means there are very few buildings for sale, especially large ones, according to the Colliers report. The conversion of One Wall Street, a historic office building that originally housed the Irving Trust, was endorsed by Mayor Eric Adams of New York City and Gov. Sign In Now. Australia Monday, July 24, 2023, at Liberty Park. 06600 We're proud to have this milestone project considered for a program that celebrates projects, people, and partners striving to improve the built environment around them. The path is now open for more conversions, with the Real Estate Board of New York estimating 10% of the city's office portfolio could be turned into housing. Mexico Hines recognized our expertise and we're proud to be continuing our relationship with them in Salt Lake City." The Kearns Building, at 136 S. Main Street , is the second Square location. The Square was developed in response to the evolving needs of the modern workforce, allowing Hines to deliver agile and amenitized workspaces to its tenant base. Serving as its first office-to-residential conversion, Hines plans to embark on the transformation of a 217,000-square-foot office building into a 255-unit luxury multifamily tower. Industrious provides a productive and engaging workplace for companies of all sizes and stages; at The Kearns Building, it will manage. United States 55 11 5504 7600, 81 Bay StreetSuite 3500Toronto, ON M5J 0E7 Visitwww.hines.comfor more information. Photography by Garrett Rowland | #hickokcole #designforwhatsnext #workthatmatters #LEEDGold #LEEDGoldresidences #rosslyn, Ready to take control of your own narrative? Stay up to date with what you want to know. June 17, 2022 Salt Lake City Hines, a global real estate firm, today announced the acquisition of South Temple Tower in Salt Lake City, Utah. Stay informed on the hot topics and trends in real estate. 8610 8453 8855, 66 Avenue Charles de GaulleNeuilly-sur-Seine, IDF 92522 1 312 419 4900, T3 West Midtown383 17th Street NW, Suite 100Atlanta, GA 30363 44 20 7292 1900, Suites 2801-02, One Exchange Square8 Connaught PlaceCentral, Hong Kong, SAR Courtesy Hines South Temple Tower in Salt Lake City will be converted into a 255-unit luxury multifamily tower. Hines Buys Salt Lake City Office Property; Conversion to Apartments 30 210 364 7895, Riverside 4, Third FloorCentral Quay, Sir John Rogerson's QuayDublin, D02 RR77 #hickokcole #designforwhatsnext #workthatmatters #80M #masstimber #USGBC #communityleadership #award #builtenvironment #greenbuilding, Were proud to share that Director of Marketing + CommunicationsLaura Ewan, FSMPS, CPSMhas been named to theSMPSSociety for Marketing Professional Services (SMPS) 2023 Class of Fellows. The building renovations, designed by Overland Partners, were completed in February 1991. Signature projects include 2211 Michelson, Intersect, Brea Place, 4000 MacArthur, 515 Dyer, and the Raytheon Campus. 1 212 230 2300, 444 West Lake StreetSuite 2400Chicago, IL 60606 Tishman Speyer Lands $750M for Mixed-Use Project Near Harvard, Harbor Group Secures $440M to Refinance 25 Multifamily Properties, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. A second Hines-owned renovation was completed in 2020, which included the complete overhaul of the HVAC systems, the expansion and modernization of the historic lobby and common corridors, and the addition of a state-of-the-art fitness center, cycling and yoga studio, tenant lounge, and second-story outdoor terrace. *May exclude premium content 0039 02 8962921 Italy.info@hines.com, Toranomon Hills Mori Tower 6F1-23-1 Toranomon, Minato-kuTokyo 105-6306 33 1 41 45 80 80, Hines Immobilien GmbHJoachimsthaler Str. Hines undertook extensive analysis to determine that South Temple Tower met the requirements for a successful transformation. The Squareis WELL Registered by the International WELL Building Institute (IWBI). Salt Lake CityHines, a global real estate firm, today announced the acquisition of South Temple Tower in Salt Lake City, Utah. 2023 Multi-Housing News. Hines JV Sells Salt Lake City-Area Industrial Asset Denmark Developer Completes 186,000-SF Life-Sciences Building in Charlestown, Mass. 201 Mountain View Park. Where: Jordan Park. Hines, the international real estate firm, today announced that the Kearns Building in Salt Lake City will be the next property in its portfolio to offer, The Kearns Building, which opened in 1911 and was acquired by Hines in 1988, just completed a $. Driving the news: Following a year-long investigation into the state's "troubled" long-term care system, the Disability Law Center (DLC) released an 11-page report this week rebuking . Copyright 2023 ALM Global, LLC. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Hines, the international real estate firm, today announced that the Kearns Building in Salt Lake City will be the next property in its portfolio to offer The Square, its flexible space-as-a service offering. 61 2 9232 3137, Av. China, 345 Hudson Street12th FloorNew York, NY 10014 Hickok Cole on LinkedIn: Hines to Transform Salt Lake City Office Tower . What's more, apartment rents are repeatedly setting records, attracting investors who predict multifamily properties will provide steadier income than offices and outpace the inflation eroding returns in many other asset classes. All Rights Reserved. . The firm has been involved in the acquisition, development and management of more than 30 million square feet of office, residential, retail and industrial space in greater Los Angeles and Las Vegas. 136 South Main Street, Salt Lake City, UT Location Salt Lake City's central business district Building Details 166,939 square feet 10 floors Contact Info Dustin Haas, General Property Manager 801-359-7522 Awards The Office Building of the Year (TOBY) award - Historic Category Major Tenants Bolt Financial Grandeur Peak Global Advisors 801-359-7522, The Office Building of the Year (TOBY) award - Historic Category. Stay informed on the hot topics and trends in real estate. . All Rights Reserved. Brazil It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS. Request academic re-use from 31 208 960 510, Forbindelsesvej 4 3rd Floor2100 Copenhagen Poland 2023 Commercial Property Executive. Honoring this year's theme "Self-titled," Yolanda Cole, FAIA Cole is joined by her peers to discuss the power of writing your own story and defining your path. Hines' first development project in San Francisco was 101 California, which has served as the West Region office for more than 30 years. It's an honor to be recognized for the creation and execution of a campaign showcasing the talented artist community here in DC. Already have an account? South Temple Tower. The repurposed building will offer unobstructed perspectives on the Wasatch Mountains, capitol building and city skyline. Built in 1911, the building is listed on the National Register of Historic Places. The project consists of a 900,000-square-foot lab as well as residential, hospitality and retail. You can email the site owner to let them know you were blocked. Hines oversees investment assets under management totaling approximately $90.3 billion. Join one of two sessions for a discussion on reframing conventional design ideas to serve today's societal needs. Similarly, the property didn't have enough parking for office uses but has a good ratio for residential use. Your IP: 207.180.241.82. The acquisition was brokered by Kevin Shannon and Bryce Blanchard of Newmark. A leader in investment and development since 1957. Fast Company coversJohn Lynch's research including the results of a two-hour conversation with a ChatGPT bot and the implications of AI image-generation programs. . Working on behalf of a joint venture of Hines and a global investment firm, Cushman & Wakefield has arranged the sale of 201 Mountain View Park, an approximately 628,600-square-foot industrial development in West Valley City, Utah. Serving as its first office-to-residential conversion, Hines plans to embark on the transformation of a 217,000-square-foot office building into a 255-unit luxury multifamily tower. Since then, the firm has developed, acquired or managed an enviable portfolio of properties covering the office, mixed-use and medical categories. Special thanks to our partners and friends who helped toast the man of the hour and made our first Spring Party in Union Market extra memorable. Laura joins a group of 132 Fellows who represent the highest level of experience and leadership in marketing and business development within the #AEC industries. . For ADA accommodations, please contact Salt Lake City Events at 801-535-6167. This white paper analyzes changes in shopping center visitor behavior to see how malls are maintaining relevance in 2023. See how we raised the bar for luxury living in Rosslyn while minimizing environmental impact. 91 124 480 2222, Gadigal Country, The Peapes BuildingLevel 3, 285 George StSydney, NSW 2000 Ray ID: 7e2468df7f799b39 Integrating Control: Access and Security in the Age of Hybrid Working. All Rights Reserved. The firm purchased a downtown Salt Lake City office and plans to turn it into luxury housing. redevelopment project, which included new building support systems and elevator modernization; along with the addition of a new outdoor patio and west lobby; tenant lounge, wellness center and gym. In a conversation with Dezeen, Project Architect John Lynch (Jack) describes his foray into #ChatGPT and how he anticipates the real estate industry will leverage #AI moving forward. It is proximate to downtown Salt Lake City and all its attractions. Industrious and Hines Announce Second The Square Location 34 91 703 00 23 HinesMadrid.Reception@hines.com, 8F, D1, D Tower17, Jong-ro 3-gil, Jongno-guSeoul 03155 Investors took note of more than 201 MVPs premier quality and desirable tenant roster; they also homed in on the parks location in the Northwest Quadrant, which has emerged as a hub for industries ranging from high-tech and medical device manufacturing to aerospace manufacturing to e-commerce. Hines broke into the Orange County market in 2005. For example, limitations will be imposed on production of concrete, among the industrys largest emitters of embodied carbon. 600 Harvey Milk Blvd, Salt Lake City, UT 84105. Who: All ages & free admission Industrious provides a productive and engaging workplace for companies of all sizes and stages; at The Kearns Building, it will manage The Square with Industrious, a 25,000-square-foot flexible workspace offering, which is expected to be open for business in June. 8610 8453 8855, 66 Avenue Charles de GaulleNeuilly-sur-Seine, IDF 92522 The three-building, Salt Lake City-area asset is now under the ownership of Walton Street Capital. In store are 255 luxury rentals within walking distance of Temple Square and the city's business district. Japan The action you just performed triggered the security solution. The firm is actively pursuing other investment opportunities in Utah and Oregon. United States A tailored approach to global real estate investing. Harris said. Hines is expanding into office-to-apartment conversions with its acquisition of the 24-story South Temple Tower in Salt Lake City, which the Houston-based global real estate firm plans to transform into a 255-unit luxury multifamily. In summer 2020, the Kearns Building was excited to open the doors of Hines second location of The Square, the worlds premier co-working experience created through collaboration with Industrious. Mexico You won't want to miss our Director of Trendcasting, Rhea Vaflor's interactive workshop, Decolonizing Design. The company obtained fixed rate debt without having to invest capital. Germany 1 212 230 2300, 444 West Lake StreetSuite 2400Chicago, IL 60606 9 Ways to Save with Real Estate Lease Administration. 845 Texas AvenueSuite 3300Houston, TX 77002 Douglas is responsible for all development, acquisition, and operations activity across Hines U.S. West Region. Ireland Peachtree Hotel Pays $88Mln for Homewood Suites in Nashville, Tenn. Volume of Office Space Available Direct from Landlords Reaches Record 70.4Mln SF in 2Q. Located on 41.5 acres of a 49.5-acre site that Hines acquired in 2019, the state-of-the-art industrial distribution warehouses carry the addresses of 6252, 6312 and 6368 W . Trepp data at the time showed it was about three-quarters occupied but many of its leases at the time were set to expire well before 2021. United Kingdom Hickok Cole takes on Salt Lake City! United States Navigating a Changing Mall: Analyzing Consumer Behavior. Please enter your username or email address to reset your password. . This website is using a security service to protect itself from online attacks. By selecting this, you agree to our Terms and Conditions and acknowledge our Privacy Policy. Republic of Korea 45 22 88 20 70, Torre B Piso 15Torre de las AmericasPunta Pacifica, Panama City Cushman Wakefield (NYSE: CWK) has represented Hines Global Income Trust, Inc., a fund sponsored by Hines, in 10 tenant signings totaling approximately 170,000 SF at the Cottonwood Corporate Center in Salt Lake City since March 2020. Around the country, Industrious has over 100 locations across more than 50 cities. Contribute to our communities, the quality of the built environment and our fellow employees. Exclusive discounts on ALM and GlobeSt events. The 24-story multifamily tower will feature studios, and one-and-two-bedroom homes, paired with high-quality interior finishes and an expansive amenity offering, designed by Hickock Cole. . 136 South Main Street, Salt Lake City, UT, Salt Lake City's central business district, Dustin Haas, General Property Manager . 416 595 1949, Suite 333, Hyundai Motor Tower38 Xiaoyun Road, Chaoyang DistrictBeijing, PRC 100027 44 20 7292 1900, Suites 2801-02, One Exchange Square8 Connaught PlaceCentral, Hong Kong, SAR Real-Estate Giant Hines Announces First Office for - Insider With office vacancy rising while apartment vacancy falls, more are looking at conversion. Last month, Yardi Matrixs Salt Lake City Multifamily Report found fundamentals strong across the Wasatch Front. Since then, the firm has been involved in the acquisition, development and management of more than 7 million square feet of office, residential, retail and industrial space throughout Orange County. 55 11 5504 7600, 81 Bay StreetSuite 3500Toronto, ON M5J 0E7 1 713 621 8000 Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR! 2023 ALM Global, LLC, All Rights Reserved. The company declined to disclose the size of the deal, though the Salt Lake County Assessor's Office this year valued the property at just under $56 million. Utah Jazz Announce 2023 Salt Lake City Summer League Roster For our biweekly newsletter to get tips on productivity, office design, and more plus, updates on Industrious latest openings. #hickokcole #designforwhatsnext #workthatmatters #hickokcoleArtNight #artnight #SMPSDC #WPA, 80 M is a finalist at this year's USGBC National Capital Region Community Leadership Awards! Spain The state's many technology employers have largely focused on suburban offices close to the campuses of Brigham Young University in Provo, Utah, and the University of Utah in Salt Lake City, he said. Australia 91 124 480 2222, Gadigal Country, The Peapes BuildingLevel 3, 285 George StSydney, NSW 2000 An expansive suite of residential amenities will be designed by architecture and design firm Hickok Cole. . A tailored approach to global real estate investing. Hines to Transform Salt Lake City Office Building Into Luxury . Vertically integrated services that create lasting value. United States For more information visit He said South Temple Tower was just 50% leased, an unsustainable level that's in stark comparison with the occupancy of Salt Lake City's apartment market, which has its lowest vacancy levels in 20 years, according to a study by the Gardner Policy Institute. Located on 41.5 acres of a 49.5-acre site that Hines acquired in 2019, the state-of-the-art industrial distribution warehouses carry the addresses of 6252, 6312 and 6368 W. Beagley Road. Creating new competitive advantage and superior business outcomes. High construction costs make office-to-residential real-estate conversions a hard sell, even if leasing slows. Around the country, Industrious has over 100 locations across more than 50 cities. Creating new competitive advantage and superior business outcomes. Image courtesy of Cushman & Wakefield. Hines has been active in the Utah market since 1988, when it acquired and oversaw the complete renovation and restoration of the historic Kearns Building on Main Street in downtown Salt Lake City. The parties involved in the 210 MVP sale are not disclosing the financial details of the trade; however, when asked what the transaction value indicates about the current state of industrial investment sales in the area, Cushman & Wakefield offered a hint about the AE Urbia-designed propertys price tag. Cushman Wakefield's Dana Baird, CCIM, executive managing . 110623 Berlin Speakers: Yolanda Cole, FAIA, Sade Dennis, MS, Rebecca Duffy, Katie Gillham, Allie Stegall, April Ambrose, LEED Fellow, GCP, E.V. Gallivan Center to celebrate 30 years as Salt Lake City staple . The average industrial sales price in Salt Lake County increased to $120.56 per square foot in the third quarter of 2021, according to a report by Colliers International, and the average achieved sale price rose to $133.77 per square foot. Germany 81 3 4520 3501, 35F Avenue John F. KennedyLuxembourg L-1855 Download this eBook to find ways to reduce 2-4% in costs across your real estate lease portfolio. China Hickok Cole Team: Laurence Caudle, David Wahl, Guilherme A.M. Almeida, AIA, NCARB, Greg Woodruff, AIA | Brokers: Newmark | #saltlakecity #saltlakerealestate #officetoresidential #O2R #luxuryresidence #housing #adaptivereuse #carbonfootprint, What a night! Downtown Salt Lake City is experiencing immense growth, with Utah having the second-highest population growth in the country over the last decade, and there is an undersupply of housing, says Dusty Harris, senior managing director of Hines. Join keynote speaker Yolanda Cole, FAIA Cole on June 14th for USGBC National Capital Region Women in Green'sOn the Road to Greenbuildevent. . United States Jeremy Rincon. 1 770 206 5300, 845 Texas AvenueSuite 3300Houston, TX 77002 Salt Lake City to produce drone shows as a safe and sustainable 201 MVP proved highly attractive to the lending community. Hines is expanding into office-to-apartment conversions with its acquisition of the 24-story South Temple Tower in Salt Lake City, which the Houston-based global real estate firm plans to. . With the conversion, the. Contact Hines, 5 Welbeck St.London W1G 9YQ "Housing is a natural fit.". Photography by Winston Zhou | #hickokcole #designforwhatsnext #workthatmatters #forwardfocused #foreward #35years, The integration of AI and design has altered the architecture profession. South Temple Tower was previously owned by the investment firm Maier Siebel Baber, which bought the property in 2013. . . Cushman & Wakefields Kip Paul, Michael King and Jeff Chiate joined Adey in the representation of Hines and partner. But the conversions are likely the tip of an iceberg, with remote work leaving leased offices sparsely populated and vacancies rising to levels not seen in nearly 30 years. Hines acquires South Temple Tower as first office-to-residential The industrial park is presently 87 percent occupied, with one 126,800-square-foot building leased in its entirety to credit tenant Stuart Irby, a 375,000-square-foot building partially leased to credit tenant Duluth Trading Co., and another building of approximately 126,800 square feet fully leased to the likes of Brewers Supply Group, Industri-Tech and Associated Packaging. Industrious will operate Hines flexible space-as-service offering in Salt Lake City, Utah. United States [emailprotected] State and local regulations, and the associated relationships, must be managed. The Kearns Building, which opened in 1911 and was acquired by Hines in 1988, just completed a $25-million-dollar redevelopment project, which included new building support systems and elevator modernization; along with the addition of a new outdoor patio and west lobby; tenant lounge, wellness center and gym. United States 30 210 364 7895, Riverside 4, Third FloorCentral Quay, Sir John Rogerson's QuayDublin, D02 RR77 . 507 028 20 7375, Wola Center33 Przyokopowa StreetWarsaw 01-208 352 264 337 1, Torre del AngelReforma 350Mexico D.F. We've teamed up with Hines to transform the South Temple Tower office building into a 24-story, 217,000-SF luxury residence. 49 30 726241 100, Mitropoleos 3 4th floorAthens 10557 507 028 20 7375, Wola Center33 Przyokopowa StreetWarsaw 01-208 1 770 206 5300, 845 Texas AvenueSuite 3300Houston, TX 77002 33 1 41 45 80 80, Hines Immobilien GmbHJoachimsthaler Str. Industrious, the largest premium workplace provider in the U.S., will be the operator. Hines, which owns real estate globally, also acts as a third-party manager to an additional 373 properties, giving it a behind-the-scenes look at how different real-estate assets perform. In the case of South Temple Tower, the downtown Salt Lake City office market has underperformed suburban offices in the metro area, Harris said. Netherlands Spain The Square was developed in response to the evolving needs of the modern workforce, allowing Hines to deliver agile and amenitized workspaces to its tenant base. Fingers crossed! The Cottonwood Corporate Center is a 490,030-square-foot Class A midrise suburban office campus. 48 22 351 2400, Paseo de la Castellana 110, 2 B Madrid 28046 Stockbridge Capital Pays $87Mln for Las Vegas Industrial Property, Conveyor Belt Manufacturer to Sublease 85,608 SF of Industrial Space Near Chicago, Age-Restricted Apartment Property with 450 Units in Phoenix Fetches $50Mln, 3 Manhattan Apartment Buildings Sell for $26.85Mln, $68Mln Apartment Property Coming to Mansfield, Texas, Centennial Bank Lends $60.7Mln for Construction of Hialeah, Fla., Apartments, Miamis Beacon Hotel South Beach Trades for $23.5Mln, Kolter Affiliate Pays $40.11Mln for 2 Dania Beach, Fla., Hyatt Hotels. The acquisition was brokered by Newmark; Hines did not disclose the seller or the terms of the transaction. . 201 MVP is a brand-new addition to metropolitan Salt Lake City's highly coveted Northwest Quadrant, having delivered in January 2021 as a speculative project of Hines. Hines oversaw the renovation and restoration of the property, which included refurbishment of the building's exterior, lobby and common areas; surface parking expansion; updating the fire-life safety system; and rehabilitation of the HVAC system. All Rights Reserved. It scored high in factors that included walkability, natural light, building shape, number of units and overall floorplan. 81 3 4520 3501, 35F Avenue John F. KennedyLuxembourg L-1855 52 55 52428809, Rokin 69DAmsterdam 1012 KL Additionally, the Northwest Quadrant is within 3 miles of all transportation modalities, including Union Pacifics Intermodal Facility, the Interstate 15 and 80 transportation corridors and Salt Lake City International Airport, which recently debuted the first phase of a multibillion-dollar renovation.

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