Salt Lake City’s newest amenity-rich Downtown office tower is for sale.
Completed in 2022 on spec, 650 S. Main was a pioneer in expanding the city’s Downtown core to the south. Now, it anchors a place that can rightly be called a neighborhood, where vacant storefronts and car lots no longer dominate the landscape.
This week CBRE listed the property for the Texas-based owners who built the 10-story, 327,000 square foot project. The sales price is confidential. The Salt Lake County Assessor values the property at $105,505,400.
Controlled parking in a ~1000 stall structure to the west of the building is included in the package. In addition, a soon-to-open restaurant is located at street level.
According to the listing agent’s materials, “The Property delivers best-in-market fundamentals, stable cash flow, with more than 50% of the rent roll BBB+ or better, and substantial embedded upside in rents.” It is currently 91% leased with a 9-year weighted-average lease term.
Lease rates for the building are currently listed at $33.50/SF. For comparison, the second-newest office tower Downtown, 95 State, is leasing at $45-47/SF, according to Crexi and Loopnet. The Salt Lake County average is $27.29 currently in Q1, according to Collier’s.
The listing comes at a time when sales prices for office product are rebounding from their 2024 lows.
Nationwide data from Yardi Matrix shows the value of office assets has risen dramatically over the last two years. Deals are trending upward, in both volume and price per square foot.
Comparing Q1 deals over the last three years, Yardi reports that Q1 2026 marked a 39% price increase since the trough of Q1 2024. That quarter, office properties nationwide managed an average sales price of $158.48 per square foot.
By the end of Q1 this year, that figure had risen to $220.11 per square foot – a 30% increase from 2025’s $168.85 over the same period.
Counting all of 2025, office properties sold at an average of $179.65 per square foot, a figure that looks like it will continue to rise if the most recent Q1 numbers ($220.11/SF) hold steady for the rest of the year.
Locally, and on the leasing demand side, we’ve reported numbers that show that amenity-rich Class A office product has been carrying most of the water for leasing volume in the Salt Lake market. The good news more recently is that absorption is positive across office classes.
Another noteworthy Downtown Class A project – the Gateway mixed-use center in west Downtown – was put up for sale in January 2026. That listing is noting a 91% overall occupancy rate and is likely offering 284,000 square feet of office space, built in 2005.
The vacancy rate for all office buildings, including sub-lease availability, stands at 21% in Salt Lake County according to Colliers. Owners of amenity-rich Class A buildings are enjoying what looks like stabilization and resumption of rent growth. And at 650 S Main, it’s apparently time to sell.
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