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Cushman & Wakefield |Commerce (www.comre.com), announced the sale of the former Quester Office Building located in downtown Salt lake City at 200 East 100 S. The 238,000 square foot building and the 4.88 acres upon which it resides was purchased by the Boyer Company of Salt Lake City from Starwood Capital of Washington D.C.
Kip Paul, executive director of investment sales for Cushman & Wakefield | Commerce along with Vasilios Priskos of Internet Properties represented both the buyer and the seller.
“This sale demonstrates a strengthening in the market,” Paul said. “Although the building has been vacant for about a year, we were able to generate eight offers in two weeks and the Boyer Company came out on top. These multiple offers represent a return to a more competitive market.”
Paul said that part of the appeal for the site is it sits on 4.88 acres, which is almost half a city block situated diagonally across the street from City Creek. “The new owners will be looking at options on how to make best use of the building and will likely build on the vacant property,” he added.