A private investment group in Denver has purchased the 53,000-square-foot Pierpont Building in downtown Salt Lake City and is preparing to open a new restaurant and club in it.
Terms of the sale of the 111-year-old building at 134 Pierpont Ave. were not announced, although the asking price was $10 million. The sale was announced Wednesday.
Crestone Partners of Denver purchased the building under the name Oregon Short Line Building LLC.
"They're going to aggressively lease it, manage it and hold it at least two to five years," said Tab Cornelison, an agent with Coldwell Banker Commercial, which will manage and lease the property.
On the top floors are office tenants. The building also houses a Ruth's Chris Steak House on the ground floor. Another ground-floor restaurant, Cafe Pierpont, closed last year, and in its place, the developers "plan on putting another restaurant/club in there," Cornelison said. "They should open in September."
Cornelison wasn't at liberty to announce the name of the restaurant-club, and a message to Crestone's offices on Wednesday was not returned.
The Pierpont Building is actually two buildings that were connected together in the late 1980s by longtime owner Gastronomy Inc. restaurant group.
One of the buildings was the original Salt Lake High School, and the other building was office space for the railroad company Oregon Short Line.
Gastronomy sold the building in 2006 to Salt Lake restaurateur Gene Kwon, chief executive officer of Latitude Restaurant Group, which includes the Mikado Japanese restaurant. But Kwon struggled making a profit on the building, and in September, local investment group Pierpont Partners purchased it. But "they never planned to own it long-term," Cornelison said, which led to the sale to Crestone.
Just five blocks away, a portion of another downtown building was sold recently.
On May 2, Sun Life Financial, based in Wellesley, Mass., announced it purchased 28,517 square feet of the 13-story office tower at 185 S. State. Sun Life now owns the entire 160,097-square-foot building, built in 1982. The building is currently 73 percent occupied.
The financial terms were not disclosed. There are no redevelopment plans for the building."Sun Life intends to lease any of the vacant space," Sun Life spokeswoman Jennifer Posterro said.