NEWS BRIEF: With Approval of a $38 Million Purchase of a 238,000-sq-ft Building, the University of Utah will Grow its Downtown Salt Lake City Presence

With this expansion, the UofU is now ideally positioned to dramatically expand its footprint in downtown Salt Lake City ... should it choose to do so.

NEWS BRIEF:  With Approval of a $38 Million Purchase of a 238,000-sq-ft Building, the University of Utah will Grow its Downtown Salt Lake City Presence
Composite image containing the University of Utah logo and a money photo was created by the author 12 June 2024. (Money photo by america-3125467_1920 and downloaded from Pixabay 07 May 2024.)

The University of Utah board of trustees has approved the purchase of the City Centre building in downtown Salt Lake City for $38 million.

According to the news release announcing the purchase, "The acquisition will help consolidate the (UofU's) downtown footprint."

City Centre building photo downloaded from the Unico Properties website 12 June 2024.

According to Building Salt Lake, the City Centre building (and its attendant property) was put up for sale by its owner, Seattle, Washington-based Unico Properties, in October 2023 for an undisclosed price.

At the time it went on the market, the former home of the Salt Lake Chamber was only 51% occupied.

City Centre sits immediately to the north of the Salt Lake City/County building on the northeast corner of 400 South State Street, placing it less than two miles from the Interstate 80/Interstate 15 interchanges.

It's also worth noting that the property includes a 1.8-acre parking lot immediately to the west of the City Centre building, a very valuable and highly developable parcel of land in downtown Salt Lake City.

According to the UofU news release announcing the purchase, the university currently has several offices based in different locations in Salt Lake City.

In explaining the reasoning behind the purchase, John Creer, Chief Real Estate Officer of the UofU said,

“This allows us to position the university to build a downtown presence. ... We have a monetizable, developable corner that we can use for university growth, or, if we want to be optimistic, we monetize it in a variety of ways.”

The university announcement also noted that the projected cost to build new education buildings in Salt Lake City is nearly $400/square foot vs. the $159/square foot the UofU is paying for City Centre.

The news release also noted that

"The building includes 242 surface parking stalls and another 207 in the parking structure. It also is adjacent to the UTA TRAX red line which links directly to campus."


In case you're not aware of Utah Money Watch, our goal is to publish Utah-focused monetary, financial, and/or business news, context, and analysis on a timely/regular basis, ideally information NOT available through any other source.

[You might think of us at the opposite of Bloomberg, CNBC, and/or The Wall Street Journal, each of which focus on international/national news first and rarely report on local happenings. Conversely, we are passionately focused on uncovering the most important monetary, financial, and/or business news and information that impact the organizations and people of Utah.]

Here again, the intent is to publish news, information, context, and analysis NOT available through any other source.

To that end, this article was originally published and distributed to our Subscribers at approximately 8:25am (MT) on Friday, 14 June 2024.

However, if you are seeing this report sometime after this date/time and you are interested in seeing similar reports and/or other Utah-focused monetary/financial/business news, context, and analysis write-ups in the future on an instantaneous basis when they are published, you can do so by subscribing, FOR FREE, to Utah Money Watch.

This will take less than 30 seconds and can be done from any page on the Utah Money Watch website.


1. Click on a "Subscribe" button on any Utah Money Watch webpage,
2. Enter in your name in the proper field in the popup window that appears on-screen, and
3. Enter your preferred email address in the proper field too.

That's it. And "Yes," it really is that simple.

And ... it IS free.

So we hope to see you join us as a subscriber of Utah Money Watch.


Team Utah Money Watch