CBRE has successfully facilitated the sale of 515 Tower, a 171,193 square-foot office building located at 515 East 100 South in Salt Lake City. The property will undergo a conversion to multifamily housing. Nearon Enterprises was the previous owner and had recently lost a tenant who occupied half of the building.
According to CBRE’s Patrick Bodnar, with market conditions for office space declining and nearly half of the building becoming vacant in 2022, Nearon shifted its focus towards converting it into a multifamily asset. Fortunately, this property possessed several desirable features that make it suitable for mixed-use development. As a result, there was significant interest from multiple highly qualified buyers.
The Perpetual Housing Fund of Utah partnered with Rocky Mountain Homes Fund to acquire this property. Their plans include converting the former office space into various uses such as low-income housing tax credit (LIHTC) affordable units and moderate-income condos along with impact-focused co-working spaces and street-level amenities like locally owned coffee shops or boutique restaurants.
This deserted SLC office building is set to be transformed into vibrant apartments as part of its adaptive reuse plan by new owners The Perpetual Housing Fund of Utah in partnership with Rocky Mountain Homes Fund.”
