Historic Salt Lake City Building Trades

A joint venture between Sentry Financial and Newport National Corp. has acquired The Clift Building, a 106,000-square-foot creative office asset in Salt Lake City. The seller was Fortress Investment Group and the deal closed at $14.3 million, according to CommercialEdge data. The sale involved a $15 million loan from First Utah Bank, part of which allocated to capital improvements.

Constructed in 1919 and most recently renovated in 2022, the building rises eight stories and features 15,000-square-foot floor plates. It also includes 12,000 square feet of retail space, as well as a rooftop amenity deck and a fitness center. At the time of the sale, the property was 77 percent occupied, with tenants including DevPoint Labs, Hom Exp Realty and coworking firm Spaces, CommercialEdge information shows.

Sentry Financial CEO Jonathan Ruga stated in prepared remarks that the company will also relocate its offices to the building’s eighth floor. The transaction closed in December, 2023.

Located at 10 W. Broadway in an Opportunity Zone, the downtown Salt Lake City building is close to Highway 89 and roughly 7 miles from the Salt Lake City International Airport, as well as less than 3 miles from the University of Utah.

Throughout 2023, 13 office properties or 1.2 million square feet traded in Salt Lake City, according to CommercialEdge information. The investment volume totaled $161 million at an average price per square foot of $174.3, the same source shows.