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Unico lists 250 Tower and plans to exit Utah

Unico lists 250 Tower and plans to exit Utah

Money Moves Salt Lake City, UT local

The Seattle investor is selling its 16-story downtown Salt Lake City office building as it winds down its Utah holdings.

Today: Unico lists 250 Tower and plans Utah exit

Overview

Updated 2 hours ago

Unico Properties has listed 250 Tower, a 16-story office building in downtown Salt Lake City, for sale. The Seattle investor says the listing will end its Utah holdings, closing a decade-long run that once topped 1 million square feet.

CBRE's National Office Partners team is marketing the building as a value-add play, meaning a property that needs investment to raise occupancy or rents. The sale will test demand for older downtown offices.

Why it matters

If 250 Tower sells, it will show whether investors will buy aging downtown offices at prices that let owners exit.

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Key Indicators

16
Height of 250 Tower
The building is a 16-story office tower in downtown Salt Lake City.
461
Parking stalls in adjoining garage
The office building includes a freestanding garage with 461 stalls.
366,500 sq ft
Office space in 250 Tower
Unico acquired the building in 2017 as part of a two-building portfolio.
1M+ sq ft
Unico's peak downtown Salt Lake City portfolio
After its 2018 City Centre I purchase, Unico's local holdings exceeded 1 million square feet.

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People Involved

PB
Phil Brierley
CBRE broker leading the 250 Tower sale
Marketing the building to investors
CM
Cole Macadaeg
CBRE broker leading the 250 Tower sale
Marketing the building to investors
CW
Charley Will
CBRE broker leading the 250 Tower sale
Marketing the building to investors

Organizations Involved

Unico Properties
Unico Properties
Real estate investment firm
Listing 250 Tower and exiting Utah

Seattle-based private equity real estate investor that began buying downtown Salt Lake City offices in 2014.
CBRE
CBRE
Commercial real estate services firm
Marketing 250 Tower for sale

CBRE's National Office Partners team in Salt Lake City is marketing 250 Tower to investors.

Timeline

2014 November 2026

4 events Latest: Today
Tap a bar to jump to that date

  1. Unico lists 250 Tower and plans Utah exit

    Today Sale

    CBRE markets the 16-story building as a value-add sale; Unico plans a full Utah exit.

  2. Unico adds City Centre I and opens Utah office

    Investment

    The purchase pushes Unico's downtown Salt Lake City portfolio above 1 million square feet.

  3. Unico acquires CenturyLink office portfolio

    Investment

    The deal includes the 16-story building later rebranded 250 Tower and a 461-stall garage.

  4. Unico enters Salt Lake City market

    Investment

    Unico buys the historic Boston Building, its first downtown Salt Lake City property.

Scenarios

1

Unico sells 250 Tower to an investor by end of 2027

Possible Resolves by End of 2027

Discussed by: Building Salt Lake reporting on the listing

CBRE finds a buyer for the 16-story building. The sale closes and Unico removes 250 Tower from its Utah portfolio.

2

Unico sells 250 Tower and its garage separately

Possible Resolves by End of 2027

Discussed by: CBRE marketing of the building as a value-add sale

A buyer purchases the office tower while another buyer takes the adjoining 461-stall garage. The split sale lets Unico clear its last Utah assets.

3

Unico does not sell 250 Tower by end of 2027

Unlikely Resolves by End of 2027

Discussed by: Building Salt Lake reporting on the listing

No buyer closes on the building. Unico keeps 250 Tower and remains a Utah property owner past the deadline.

Historical Context

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

2014

Unico enters Salt Lake City (2014)

Unico bought the historic Boston Building, a 105,000-square-foot creative office property in the Exchange Place Historic District. It was the firm's first downtown Salt Lake City investment.

Then

Unico established a local presence and began looking for more downtown office assets.

Now

The purchase started a portfolio that would grow past 1 million square feet by 2018.

Why this matters now

The 2026 exit reverses a decade of expansion that began with this first purchase.

2017

CenturyLink portfolio purchase (2017)

Unico bought a two-building, 672,500-square-foot portfolio from CenturyLink. It included a 16-story, 366,500-square-foot office building and a 461-stall garage.

Then

Unico rebranded the office tower as Tower 250 and began renovations.

Now

The building became a core part of Unico's Salt Lake City holdings.

Why this matters now

250 Tower is the asset now listed for sale as Unico prepares to leave Utah.

October 2018

City Centre I acquisition and local office (2018)

Unico bought City Centre I, a 10-story, 229,600-square-foot office building, and opened its first Utah management office. Its downtown portfolio then exceeded 1 million square feet.

Then

Unico became one of downtown Salt Lake City's larger office landlords.

Now

The expanded portfolio later became the base Unico is now unwinding.

Why this matters now

The exit follows a peak local footprint that Unico built through several downtown purchases.

Sources

(2)
Building Salt Lake Unico Properties