Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. There are office buildings that wouldn't work for conversions, including the biggest properties, which would make it difficult to provide apartments with enough natural light. 2023 Commercial Property Executive. After extensive analysis, South Temple Tower met the right requirements needed for a successful conversion process including walkability, natural light, shape of the building, number of potential units, and overall floor plan. www.copyright.com. Hines' project is not without its challenges, the primary being the expense of renovating a building from the 1960s and converting an office floor plan into apartments. 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. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com. Stay informed on the hot topics and trends in real estate. 81 3 4520 3501, 35F Avenue John F. KennedyLuxembourg L-1855 Register today! Italy 45 22 88 20 70, Torre B Piso 15Torre de las AmericasPunta Pacifica, Panama City An expansive suite of residential amenities will be designed by architecture and design firm Hickok Cole. 201 Mountain View Park. 34 91 703 00 23 HinesMadrid.Reception@hines.com, 8F, D1, D Tower17, Jong-ro 3-gil, Jongno-guSeoul 03155 Hines broke into the Orange County market in 2005. They include the Salt Lake Temple, light rail and a number of well-known employers. 8610 8453 8855, 66 Avenue Charles de GaulleNeuilly-sur-Seine, IDF 92522 The action you just performed triggered the security solution. 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. Hines undertook extensive analysis to determine that South Temple Tower met the requirements for a successful transformation. Through the implementation of more efficient mechanical systems, once the building is in operation, Hines expects that it will lower the operational carbon emissions of the building over its lifecycle and new residential utilization. 1 770 206 5300, 845 Texas AvenueSuite 3300Houston, TX 77002 48 22 351 2400, Paseo de la Castellana 110, 2 B Madrid 28046 For more information visit As well, installation and use of more efficient mechanical systems will bring about a decrease in the buildings operational carbon emissions over the course of its lifetime and new residential utilization. . Thank you to all who joined in the festivities at this year's Spring Party. Contact Hines, 5 Welbeck St.London W1G 9YQ 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. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. United States #hickokcole #designforwhatsnext #workthatmatters #neocon #trendcasting #interactiveworkshop #decolonizingdesign #theMART, SMPSSociety for Marketing Professional Services. 55 11 5504 7600, 81 Bay StreetSuite 3500Toronto, ON M5J 0E7 Germany 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. Other signature properties include the redevelopment and seismic retrofits of PG&E's Headquarters and the San Francisco Civic Center complex. The Kearns Building, at 136 S. Main Street, is the second Square location. Bennett, Kim Lombard, AIA, LEED Fellow | Hosted by USGBC National Capital Region | #hickokcole #designforwhatsnext #workthatmatters #USGBC #WomenInGreen #greenbuild #sustainabledesign, Sustainability and high design in multifamily can co-exist. Commercial Real Estate Direct Staff Report Hines has acquired South Temple Tower, a 217,000-square-foot office property in Salt Lake City. var theDate=new Date() document.write(theDate.getFullYear()) Commercial Real Estate Direct All rights reserved.. Contribute to our communities, the quality of the built environment and our fellow employees. 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. Visitwww.hines.comfor more information. United States The adaptive reuse project will reduce embodied carbon by limiting new construction materials. The company selected Industrious as one of its workplace provider partners-of-choice after an intensive vetting process across the coworking industry. Copyright 2023 ALM Global, LLC. The company renovated it in May 2017 before falling delinquent on a $29.6 million loan later that year. 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. Utah officials respond to criticism over long-term care facilities 49 30 726241 100, Mitropoleos 3 4th floorAthens 10557 416 595 1949, Suite 333, Hyundai Motor Tower38 Xiaoyun Road, Chaoyang DistrictBeijing, PRC 100027 A leader in investment and development since 1957. #hickokcole #designforwhatsnext #workthatmatters #AIdesign #architecture, Grab a friend to headOn the Road to Greenbuild, USGBC National Capital Region's Women in Green event. This white paper analyzes changes in shopping center visitor behavior to see how malls are maintaining relevance in 2023. Commercial Real Estate Direct Staff Report Hines has acquired South Temple Tower, a 217,000-square-foot office property in Salt Lake City. Signature projects include 2211 Michelson, Intersect, Brea Place, 4000 MacArthur, 515 Dyer, and the Raytheon Campus. Your article was successfully shared with the contacts you provided. Developer, Turnaround Specialist, Dies at 89, Faris Lee Adds Industry Veteran Eric Ramirez as Managing Director, Newmark Hires Recently Retired Baseball Pitcher for Multifamily Debt Unit, BH Properties Adds Justin Thompson as General Counsel, Crowdfunding Platform PeerStreet Files for Bankruptcy, Aims to Sell Loans, Foreclosure Effort Dropped Against $170Mln Loan on Manhattans Standard High Line Hotel, Related Hands Over Queens, N.Y., Office to Lender BrightSpire, $195.77Mln Loan on Upscale New York Apartments At Risk of Maturity Default, Weak Occupancy Prompts Call for Loan Modification at Chicago-Area Office Complex. The Kearns Building in downtown Salt Lake City, with its brand-new lobby, fitness center and open-air deck, provides an amenity rich, authentic backdrop and ideal location for The Square, which will offer tenants state-of-the-art flexible workplace services, commented Hines Senior Managing Director Dusty Harris. 1 770 206 5300, 845 Texas AvenueSuite 3300Houston, TX 77002 2023 ALM Global, LLC, All Rights Reserved. United Kingdom We've teamed up with Hines to transform the South Temple Tower office building into a 24-story, 217,000-SF luxury residence. 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. 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. Speakers: Yolanda Cole, FAIA, Sade Dennis, MS, Rebecca Duffy, Katie Gillham, Allie Stegall, April Ambrose, LEED Fellow, GCP, E.V. . . 1 713 621 8000 For example, limitations will be imposed on production of concrete, among the industrys largest emitters of embodied carbon. More Art Night content coming this fall! The last attempt at a new city ended at the ballot box, as residents of the proposed city of West Weber saw their push for . The project consists of a 900,000-square-foot lab as well as residential, hospitality and retail. Australia 45 22 88 20 70, Torre B Piso 15Torre de las AmericasPunta Pacifica, Panama City Sign In Now. The Kearns Building - Hines Fingers crossed! Salt Lake CityHines, a global real estate firm, today announced the acquisition of South Temple Tower in Salt Lake City, Utah. The acquisition was brokered by Newmarks Kevin Shannon and Bryce Blanchard. Built in 1911, the building is listed on the National Register of Historic Places. As always, special thanks to our friends and partners atWashington Project for the Arts! With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Hines to Transform Salt Lake City Office Tower to Multifamily, Yardi Matrixs Salt Lake City Multifamily Report, Rockabill Partnership Building $28M Affordable Development in NY, BH Properties Plans to Invest $1B in Affordable Housing, How Playing Pretend in Real Estate Could Accelerate Green Building, Philips International Buys Tampa-Area MHC, Mia Rose Holdings Secures $24M for Luxury Community, Developers Complete 1st Phase of Mixed-Use Community in LAs Koreatown. 845 Texas AvenueSuite 3300Houston, TX 77002 United States Brazil . Hines has maintained a presence in Los Angeles since 1987 and entered the Las Vegas market in 2012. The rising price of industrial assets is a common theme across the U.S., and Utahs leading market is no exception. 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. Panama 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. 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. 352 264 337 1, Torre del AngelReforma 350Mexico D.F. . Your IP: 207.180.241.82. Nowadays, more companies are moving out more than in, leaving building owners in the lurch and desperate for new forms of income. 1 415 982 6200, One Horizon Center12th FloorGurgaon 122002 SALT LAKE CITY, Utah The Mayor's Office has announced the 30 th anniversary 'Big Band Dance Night' celebration for the Gallivan Center in downtown Salt Lake City, scheduled for July 6, from 7-9 p.m.Salt Lake City Mayor Erin Mendenhall and Council Member Ana Valdemoros will kick off the festivities on Thursday night, which include dance lessons and live music. China, 345 Hudson Street12th FloorNew York, NY 10014 Request academic re-use from High demand from industrial owner-users and investors means there are very few buildings for sale, especially large ones, according to the Colliers report. 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 Similarly, the property didn't have enough parking for office uses but has a good ratio for residential use. Liberty Park. Around the country, Industrious has over 100 locations across more than 50 cities. 352 264 337 1, Torre del AngelReforma 350Mexico D.F. . International real estate firm Hines has acquired South Temple Tower in Salt Lake City, Utah, and plans to transform the property into a luxury multifamily tower. United States . 353 1 7999900, Via Broletto 35Milan 20121 You can email the site owner to let them know you were blocked. Ireland A current focus includes Parcel F, which will be the last super-tall building in downtown San Francisco for the foreseeable future. You won't want to miss our Director of Trendcasting, Rhea Vaflor's interactive workshop, Decolonizing Design. 55 11 5504 7600, 81 Bay StreetSuite 3500Toronto, ON M5J 0E7 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 . A golf-themed evening honored Mike Hickok's retirement while celebrating the firm's 35th Anniversary and ventures into new turf outside the region. . In the case of South Temple Tower, the downtown Salt Lake City office market has underperformed suburban offices in the metro area, Harris said. BofA, Taconic Capital Lend $330Mln Against Manhattans 11 West 42nd St. Workspace Property Negotiates 2-Year Extension of $1.27Bln CMBS Financing, CMBS Issuance Remains Tepid During 2Q; Volume Down Two-Thirds Through 1H, INITIAL PRICING: Benchmark Mortgage Trust, 2023-B39, CMBS Delinquency Volume Climbs in June to $23.82Bln; Highest Volume Since January 2022, M&T Bank Hires Tim Gallagher as Head of Commercial Real Estate; Other Exec Moves Made, Richard Ravitch, Former N.Y. All Rights Reserved. Mexico #hickokcole #designforwhatsnext #workthatmatters #USGBC #buildgreen #writeyourownstory, Heading to NeoCon next week? . Attendees will learn how to approach the decolonization process, participate in self-inquiry exercises, and join small group breakouts for community building and collective insights. Contribute to our communities, the quality of the built environment and our fellow employees. Hines acquires South Temple Tower as first office-to-residential State and local regulations, and the associated relationships, must be managed. . Harris said the construction would likely cost more than an equivalent new build. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. The future of work is about more than just office space, its about delivering a better experience to occupiers, said Jamie Hodari, CEO and co-founder of Industrious. Join one of two sessions for a discussion on reframing conventional design ideas to serve today's societal needs. Hines Buys Salt Lake City Office Property; Conversion to Apartments Salt Lake City is one of, if not, the most desired non-gateway industrial markets in the Western U.S., Adey said. 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. . Netherlands 1 212 230 2300, 444 West Lake StreetSuite 2400Chicago, IL 60606 Australia Salt Lake City Metropolitan Area 1K followers 500+ connections Join to view profile Hines Anglia Ruskin University About BUILDS CULTURES OF PERFORMANCE / LEADS CONTINUOUS IMPROVEMENT / COST. Hines To Convert Salt Lake City Office Tower to Apartments 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. Reliant Group has paid $50 million, or $111,111/unit, for Phoenix Manor, an age-restricted apartment property with 450 units in Phoenix The San Francisco company purchased the property from WGID Enterprises Inc The deal was highlighted by Kidder Commercial Real Estate Direct Staff Report Benchmark Real Estate Group has acquired three apartment properties with 48 units at 146-150 10th Ave in Manhattan for $2685 million, or $559,375/unit The New York investment manager, which targets Dallas Morning News SPI Advisory has bought the Ivy, a 228-unit apartment property in Dallas, for an undisclosed price Navitas Capital sold the property in a deal brokered by JLL The Ivy, which sits on more than six acres at 4211 Cabell Drive, was Dallas Business Journal BV Capital has plans to bring a 388-unit apartment property to Mansfield, Texas, about 32 miles southwest of Dallas The local developer, a subsidiary of Bridgeview Real Estate, is breaking ground later this year on the South Florida Business Journal An affiliate of Canyon Partners has provided a $1175 million construction loan for a 312-unit apartment project in Miamis Wynwood Arts District Fisher Brothers Management is building the property on a 139-acre South Florida Business Journal Centennial Bank has provided $607 million of financing for the construction of Flamingo Village, a 341-unit apartment complex in Hialeah, Fla A venture of Prestige Cos of Miami Lakes, Fla, and Brunetti Organization of South Florida Business Journal A partnership of the Nakash family and VE Group has bought the Beacon Hotel South Beach in Miami for $235 million, or $293,750/room South Beach Properties I LLC of Los Angeles was the seller The 80-room property, which South Florida Business Journal An affiliate of Kolter Hospitality has paid $4011 million, or about $137,363/room, for a pair of Hyatt hotels with a total of 292 rooms in Dania Beach, Fla The Delray Beach, Fla, hotel company bought the properties Nashville Business Journal Peachtree Hotel Group has bought the 192-room Homewood Suites by Hilton Nashville Vanderbilt for $88 million, or about $458,333/room The Atlanta company acquired the 10-year-old property from RMR Group The hotel, at 2400 Commercial Property Executive Stockbridge Capital Group has paid $87 million, or $19649/sf, for Tropical Logistics Phase II, a 442,780-square-foot industrial property in North Las Vegas The San Francisco investment management firm purchased the Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. In February 1988, Hines purchased the Kearns Building, a 10-story, 166,939-square-foot office building located on Main Street in downtown Salt Lake City. 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. As CRE professionals and companies advance into the next era of work, this report outlines what is actually happening with hybrid uptake, digital transformation, data and building security, and offers a frame to guide your digital transformation efforts. Contact Hines, 5 Welbeck St.London W1G 9YQ He oversees $15 billion in assets under management and a portfolio of nearly 12 million square feet of assets for which Hines provides third-party property-level services. Hines, a private-equity giant that owns more than $90 billion in real estate, says it has the answer, at least for one of Salt Lake City's most recognizable buildings, the 24-story South Temple Tower. Hickok Cole takes on Salt Lake City! As part of Hines ESG strategy, this adaptive reuse project will reduce embodied carbon by limiting new construction materials including the production of concrete, which can be one of the largest emitters of embodied carbon across the industry. 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. 136 South Main Street, Salt Lake City, UT, Salt Lake City's central business district, Dustin Haas, General Property Manager 31 208 960 510, Forbindelsesvej 4 3rd Floor2100 Copenhagen 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. . The best way to experience the Industrious difference is to see it for yourself. The firm currently has more than 198 developments underway around the world. United States All Rights Reserved. Denmark Japan High construction costs make office-to-residential real-estate conversions a hard sell, even if leasing slows. The residential tower will feature an array of apartment types and sizes, ranging from studios to one- and two-bedroom apartments. United States The building had been drawing companies from a variety of industries, including legal, engineering, and investment banking. Malls still play a key role in the wider retail landscape. 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. Communities try to become cities to push against county control 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. Regulators Issue Final Rule on CRE Loan Modifications, Fewer Multifamily Developers Are Seeing Deals Reprice, Colliers: CRE Transactions May Be Beginning to Thaw, Blackstone Fund Withdrawals Subside in June. 61 2 9232 3137, Av. Hines, a private-equity giant that owns more than $90 billion in real estate, says it has the answer, at least for one of Salt Lake City's most recognizable buildings, the 24-story South Temple Tower. Courtesy Hines South Temple Tower in Salt Lake City will be converted into a 255-unit luxury multifamily tower. 82 2 6952 5203. 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. 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. South Temple Tower, Harris said, has a floor plate that's 40% smaller than the usual office building, a feature that had hurt its leasing in the past but makes this conversion easier. 1 713 621 8000 2023 Multi-Housing News. "This leads us to a natural question: What do we do with office buildings that we either own or don't own that are struggling?" India United States . United States Cushman & Wakefields Kip Paul, Michael King and Jeff Chiate joined Adey in the representation of Hines and partner. The Utah Jazz announced today their roster for the 2023 Salt Lake City Summer League presented by America First Credit Union (July 3, 5, and 6). Copyright 2023 Utah Business. All Rights Reserved. Subscribe to CREDirect and our Weekly Newsletter! Canada A leader in investment and development since 1957. 33 1 41 45 80 80, Hines Immobilien GmbHJoachimsthaler Str. Ireland 416 595 1949, Suite 333, Hyundai Motor Tower38 Xiaoyun Road, Chaoyang DistrictBeijing, PRC 100027 Poland . 06600 34 91 703 00 23 HinesMadrid.Reception@hines.com, 8F, D1, D Tower17, Jong-ro 3-gil, Jongno-guSeoul 03155 Canada Notable projects include Figueroa at Wilshire, US Bank Tower, Walt Disney Concert Hall, Raceway Industrial Park, and West Edge. 44 20 7292 1900, Suites 2801-02, One Exchange Square8 Connaught PlaceCentral, Hong Kong, SAR There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Cushman & Wakefield Represents Landlord Hines in 10 Leases Totaling . . The Squareis WELL Registered by the International WELL Building Institute (IWBI). A tailored approach to global real estate investing. "Housing is a natural fit.". Office buildings at the core of big city skylines are known for attracting flashy, well-funded tenants that want to use the properties to sell their image of prosperity. The real-estate giant Hines announced its first office that would be converted to housing. Vertically integrated services that create lasting value. 845 Texas AvenueSuite 3300Houston, TX 77002 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. 52 55 52428809, Rokin 69DAmsterdam 1012 KL Since then, the firm has developed, acquired or managed an enviable portfolio of properties covering the office, mixed-use and medical categories. Integrating Control: Access and Security in the Age of Hybrid Working. Dusty Harris, the senior managing director at Hines who worked on the deal, told Insider that this purview helped inspire this deal. 201 MVP proved highly attractive to the lending community. 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.
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