Manova Partners has acquired the office property "60 Park Ave" in Salt Lake City for a separate account. The property is 97 percent let and is located in the Sugar House submarket. The purchase price was not disclosed.
"We have been monitoring the real estate market in Salt Lake City for some time and have now taken advantage of the ideal opportunity to enter the market with this acquisition," said Chris Quiett, Head of US Operations at Manova Partners. "With 60 Park Ave, we are securing a defining office property in what we believe to be one of the most dynamic sub-markets in the city."
The six-storey building was completed in 2020 and has LEED Gold O&M certification. It is located on a plot of around 1.6 hectares and comprises a rental area of around 13,360 square metres. The property is characterized by a glass façade and floor-to-ceiling windows.
Facilities include a tenants' lounge with telephone booths, a lounge area with TV and pool table, snack vending machines, a secure bicycle room and a fitness area.
There are more than 4,000 residential units and around 185,000 square metres of retail space in the immediate vicinity. There are also leisure facilities, including restaurants, bars, golf courses and green spaces. The journey time to downtown Salt Lake City and the international airport is about twelve minutes each.
Tenants include FTP Power, Filevine, Arena Communications, RBC Capital Markets and Sotheby's Realty.
The sales process was accompanied by CBRE.
