Deserted SLC Office Building to Make Way for Apartments

CBRE has arranged the sale of 515 Tower, a 171,193 square-foot office building that will be converted to multifamily housing at 515 East 100 South in Salt Lake City. Nearon Enterprises sold the building, which lost a tenant occupying half the building.

“When a tenant occupying nearly 50% of the building vacated in 2022, and the office market conditions deteriorating, Nearon directed its efforts at an adaptive reuse conversion of 515 Tower to a multifamily asset,” said CBRE’s Patrick Bodnar. “Fortunately, the building possessed several key attributes that are favorable to resident, mixed-use conversion. As a result, there was considerable interest by several well-qualified bidders.” 

The Perpetual Housing Fund of Utah purchased the property in partnership with Rocky Mountain Homes Fund. The buyer plans to convert this office building to a variety of uses including 100 units comprised of low-income housing tax credit (LIHTC) affordable housing and moderate-income condos, impact-focused co-working space, and street-activating uses such as a locally operated coffee shop or a boutique restaurant.