The Salt Lake City skyline is going to have a new look by 2009, as the development of downtown's newest high-rise officially gets under way at 222 S. Main.
CB Richard Ellis has been chosen as the exclusive listing agent for the property by Chicago area-based developer Hamilton Partners.
"We consider it a privilege to be able to make a contribution to the skyline and fabric and texture of Salt Lake City with this building," said Bruce Bingham, partner with commercial developer Bingham Partners.
Hamilton plans to construct a 22-story office tower that will be the first new high-rise built in downtown since 1998. The company said this development is expected to meet a specific niche that is currently underserved.
"We've had this need for class A office space in downtown," said CB Richard Ellis marketing and public relations director Chris Ruppel. Vacancy rates for that type of office space downtown have been less than 3 percent.
He added the new project will complement the various retail and residential projects already under way in the central business district, such as the multimillion-dollar mixed-use City Creek Center development.
Bingham said the anchor tenant for 222 S. Main is already lined up: The Denver law firm of Holland and Hart will occupy the top three floors of the tower, and another law tenant is confirmed to lease the space directly below, on the 19th floor. The building's other tenants will likely be professional enterprises in the banking and financial services industry, accountants, in addition to other law firms or possibly a restaurant, he said.The project is expected to be completed in two years, Bingham said.