Wasatch Property Management said Tuesday it is "committed" to the development of downtown Salt Lake City, as evidenced by the purchase of the Chase Tower and Branch Bank Building and the creation of two new companies to handle what it said will be ramped-up activity downtown.

And the head of one of the new divisions said further development announcements for the city center are "imminent" and include plans for new office and mixed-use developments.

To handle those projects and others, Wasatch has formed Wasatch Real Estate Partners and Wasatch Development Associates. Wasatch Real Estate will handle the leasing of all Wasatch Property's commercial office space and acquisitions, while Wasatch Development will serve as the company's development and construction company.

"The point of both of these companies, and the synergies between them, is specifically to do substantial development downtown," said Frank Matheson, Wasatch Real Estate Partners president. "We have some other announcements that we'll be making imminently."

Matheson declined to elaborate on Wasatch's next moves, except to say that announcements are forthcoming and likely will focus on new office development. But he said Wasatch's future also likely will include mixed-use developments.

"We see so much potential downtown," Matheson said. "We see opportunities for growth not realized by the market. We think there's a strong demand downtown for housing as well as office.

"It's something that has been happening throughout the country on a macro-level. There's been an increase in demand for a high-end urban residential product, to take advantage of an urban lifestyle. And that's something we really haven't had here."

The Chase building acquisition closed on Friday, Wasatch said. Financial terms of the transaction were not disclosed. The 112,000-square-foot building, 50 W. 300 South, is home to Chase Bank and other professional services firms. Wasatch said Tuesday it plans to upgrade the building, though it did not elaborate on what types of upgrades are planned or when work is expected to commence.

"The purchase of the Chase Building and the creation of these two new companies signifies our long-range goal of becoming the leader in high-quality urban downtown office space," Dell Loy Hansen, Wasatch Property's chairman and chief executive, said in a prepared statement. "As a proud local company, we've hired the best and brightest of Utah's leasing and construction talent to bring those skills in-house — and we have expanded our presence in Utah by purchasing the Chase building — all with the intent to continue to invest in downtown Salt Lake City as the headquarters of business for our state."

Wasatch Development is already at work on a $1 billion condominium project in Bellevue, Wash., which includes six 25-story residential towers, an office tower and retail space.

Logan-based Wasatch Property's other holdings in downtown Salt Lake City include the Wells Fargo Center and the Ken Garff Building.

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