Maier & Siebel Inc., the California-based real estate company that bought the majority interest in Salt Lake City's Triad Center earlier this year, said it will bring in a new company, Chicago-based LaSalle Partners, to manage and lease the office complex.
Locally, LaSalle has represented Matrixx Marketing, Packard Bell and Peat Marwick. Nationally, it manages the recently renovated Union Station in Washington, D.C., Citicorp Center in New York City and Fox Plaza in Los Angeles.Chris Matthews & Associates has managed the 10-acre Triad Center, located downtown on West South Temple, for The Travelers Insurance Companies and other center owners since 1991. Matthews took on the project several years after it was abandoned in 1986 by the original developers, the Saudi Arabian Adnan Khashoggi group. It was only half full when Matthews took over but is now 95 percent leased.
LaSalle will take over Oct. 1, said Elliott B. Davis, senior vice president of Maier & Siebel.
Matthews said he was "obviously disappointed" with Maier's decision to replace him, noting that, "I have put my heart and soul into this assignment."
But "life moves on," he reflected, noting that the move could actually be good for him and his company.
"I want to develop partnerships to acquire various properties around town and do the same thing for them that I did for Triad."
He said he understood the need of Maier to have a single group that could manage its properties across the United States.
Davis said his firm wants to "create the best team of national and local vendors . . . to make Triad Center the pre-eminent mixed-use office complex in the city."
He praised Matthews for doing a good job of creating a quality tenant base since he took over the management of the property in 1991.
"However, as part of an overall corporate strategy, (Maier & Siebel) have chosen a national organization that will provide the depth of resources and experience to meet our long-term goals." He did not elaborate on those goals.
Davis said his company plans to "increase its presence" in the community and continue its involvement with the Utah Special Olympics and the Utah Arts Festival, which is held each year at the Triad.
In June, Maier & Siebel bought the portion of the center owned by The Travelers. The price was not disclosed, but local market watchers indicated they paid substantially less than the $38 million on which Travelers, the primary lender on the project, foreclosed in the mid-1980s.
Total ownership of the 10-acre, five-building Triad Center is now spread among five condominium associations with four owners among them, including Maier & Siebel, Bonneville International Corp. (owner of KSL Radio and Television), state of Utah and a New York-based bank.
Maier & Siebel Inc., based in Larkspur, Calif., bought the portion of the office complex that Travelers had taken back in the 1980s when the original developer, wheeler-dealer Khashoggi, defaulted on his loans for the development.