Several major buildings in the Salt Lake Valley have been sold or leased this year, an indication of the area's robust economy.
That word comes from Greg Gunn, associate broker with Consolidated Realty, during a meeting of the Building Owners and Managers Association of Salt Lake City in Little America. Here are the major office buildings sales:-The old Utah Department of Employment Security Building at 1234 S. Main, containing 100,000 square feet that will be the new home of Salt Lake Alternative High School. It sold for $1.4 million.
- A building containing 190,000 square feet on Wiley Post Way in the Salt Lake International Center that was sold by Travelers Insurance Co. for $6.8 million.
- Unigard bought a 24,000 square foot building at 4500 South and 700 East for $1.2 million.
- A total of 520,000 square-feet in three buildings at the Triad Center.
- Kennecott Copper Corp. purchased three buildings with a total of 100,000 square-feet in Arbor Park in Magna. The buildings were formerly leased to Hercules.
Some of the major leases this year are the Internal Revenue Service for 75,000 square-feet in a building that is being constructed on the southwest corner of Social Hall Avenue and 200 East; Aetna Insurance for 140,000 square-feet for its Human Affairs Division at 10600 South and I-15.
Also, Huntsman Group of Companies 100,000 square-feet for a world headquarters in Research Park; the state of Utah 60,000 square-feet in the Eaton Tower at 100 South and 500 East; Packard Bell 50,000 square-feet in Arbor Park; Fidelity Investments 75,000 square-feet in the One Utah Center and City Center; Crossland Mortgage 60,000 square-feet at 3900 South and State Street.
Others are Unibase, 30,000 square-feet at 9000 South and I-15; American Stores 22,000 square-feet in the IBM Building and 42,000 square-feet in Lakeside Plaza; Matrixx Marketing 42,000 square-feet in Lakeside Plaza; CUSA 30,000 square-feet in Independence Square in Murray; PageNet 12,000 square-feet in the 257 Tower, Commercial Contract Group 10,000 square-feet in the Salt Lake Hardware Building; and FingerHut 12,000 square-feet in Metro Park.
Another speaker was Fred S. Ball, president of the Salt Lake Area Chamber of Commerce, who said the economy in Utah has been exceptional in the last 18 months with low unemployment and 43,000 new jobs created in the past year. He said Utah has received favorable publicity which has attracted many people looking for jobs.
He said by the time the Salt Palace Convention Center is renovated and expanded there will be announcements about two major hotels, five new office buildings, a courts complex and a new county jail being built.
Tax attorney Mark Buchi said there are many property tax appeals every year, but considering the number of pieces of property that receive valuations that number of fairly small. He said mistakes can be made and urged the building owners to appeal their valuation notices if they believe one has been made.