Wasatch purchases chamber building, lot

Wasatch Commercial Management and Wasatch Real Estate Partners announced Monday that they have purchased the building that houses the Salt Lake Chamber, plus the four acres of surface parking.

The deal, estimated at $50 million, involves property at 400 South and State Street in Salt Lake City.

Wasatch Real Estate bought the property from Price Prowswood LLC, a partnership originally owned by John Price , Robert Wood and Richard Prows. Wasatch Commercial Management will manage the facility.

"We believe the world is beginning to re-discover the benefits of doing business and living in a growing and energized central business district," Wasatch Property's chief executive officer, Dell Loy Hansen, said in a prepared statement. "Salt Lake's best days are ahead of us, and we expect to energetically act on that assumption."

The Wasatch Property portfolio includes the Wells Fargo Building; the Ken Garff Bank Building, 400 South and Main; and the Chase Tower and Branch Bank Building, 300 South and 100 West. The company also is partnering with Hamilton Partners to build a 430,000-square-foot office tower at 222 S. Main.