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Hines lists historic Kearns and Daynes buildings for sale in Salt Lake City

Hines lists historic Kearns and Daynes buildings for sale in Salt Lake City

Money Moves Salt Lake City, UT local

Developer ends 38-year ownership of Main Street towers as downtown office market rebounds

Yesterday: Hines lists Kearns and Daynes buildings for sale

Overview

Updated Yesterday

Hines has owned the Kearns Building on Salt Lake City's Main Street since 1988. This week, the developer listed the 10-story historic tower and the adjacent Daynes Jewelry Building for sale.

The 169,000-square-foot Kearns Building sits at 62.4% occupancy, six years after a $20 million renovation. The listing comes as downtown Salt Lake City's office market posts its seventh straight quarter of positive absorption.

Why it matters

If the Kearns Building sells to a residential converter, it could speed downtown Salt Lake City's shift from office to housing.

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Key Indicators

62.4%
Kearns Building occupancy
The 169,000-square-foot tower is less than two-thirds leased.
38 years
Hines ownership
Hines bought the Kearns Building in 1988 and listed it in September 2026.
$20M
2020 renovation cost
Hines spent $20 million renovating the historic tower.
7
Consecutive quarters of positive office absorption
Downtown Salt Lake City's office market has absorbed space for seven straight quarters.

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People Involved

Organizations Involved

Timeline

February 1911 September 2026

10 events Latest: Yesterday
Tap a bar to jump to that date
  1. Hines lists Kearns and Daynes buildings for sale

    Latest Listing

    Hines puts both historic Main Street buildings on the market with CBRE.

  2. Seraph at South Temple opens leasing

    Launch

    Hines's 217-unit office-to-residential conversion opens.

  3. Hines demolishes Utah Pantages Theater

    Demolition

    Hines tears down the 110-year-old theater after a legal fight with preservationists.

  4. Hines acquires University Club Tower

    Acquisition

    Hines buys the 25-story South Temple office tower for conversion to residential.

  5. Hines finishes $20 million Kearns renovation

    Renovation

    Extensive renovation wraps, including lobby and interior upgrades.

  6. Salt Lake City sells Utah Theater lot to Hines for $0

    Deal

    City transfers the parcel on condition Hines builds a residential tower with 40 affordable units.

  7. Hines completes first restoration

    Renovation

    Facade work, fire-life safety upgrades, and HVAC rehabilitation are finished.

  8. Hines purchases Kearns Building

    Acquisition

    Hines buys the historic tower, beginning 38 years of ownership.

  9. Kearns Building added to National Register

    Designation

    The building is listed on the National Register of Historic Places.

  10. Kearns Building opens on Main Street

    Construction

    The 10-story tower, built for mining magnate and former US senator Thomas Kearns, begins occupancy.

Scenarios

1

Hines sells Kearns and Daynes to a residential converter

Possible Resolves by Q2 2027

Discussed by: Building Salt Lake and Hoodline, citing Hines's Seraph conversion precedent

A buyer acquires both buildings and files plans to convert the Kearns tower to residential, following Hines's own Seraph at South Temple conversion. The 62.4% occupancy and historic tax credits could make conversion attractive.

2

Hines sells to a traditional office investor

Possible Resolves by Q2 2027

Discussed by: CBRE, which is marketing the buildings as office properties

An institutional investor buys the buildings and continues leasing them as office space, betting on the downtown market's seven-quarter absorption streak.

3

Sale stalls on low occupancy

Possible Resolves by End of 2027

Discussed by: Building Salt Lake, which noted the 62.4% occupancy in its report

No buyer emerges at the asking price given the building's 62.4% occupancy. Hines holds the properties or discounts the price, and the listing drags into 2027.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

April 2022

Utah Pantages Theater demolition (2022)

Hines demolished the 110-year-old Utah Pantages Theater in April 2022 after a legal fight with preservationists. The city had sold the lot to Hines for $0 in 2019 on condition of a residential tower with 40 affordable units.

Then

The demolition cleared the site, but construction never started.

Now

The vacant lot remains empty, and Hines has not delivered the promised affordable housing.

Why this matters now

Shows Hines's history with historic properties in Salt Lake City and the unresolved obligations tied to its Main Street holdings.

January 2026

Seraph at South Temple conversion (2026)

Hines converted the 25-story University Club Tower at 136 E. South Temple into Seraph, a 217-unit luxury residential project that opened leasing in January 2026. The retrofit cut embodied and operational carbon by an estimated 74% versus new construction.

Then

Seraph units came online alongside hundreds of competing apartments at the Astra and Worthington towers.

Now

It is one of Utah's largest office-to-housing conversions.

Why this matters now

Shows Hines's pivot from office to residential in Salt Lake City, a path the Kearns Building could follow.

Sources

(4)

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