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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 tower, 38% leased to the University of Utah, as it winds down its Utah holdings.

November 2nd, 2026: Unico lists 250 Tower and plans Utah exit

Overview

Updated Nov 2

Unico Properties has listed 250 Tower, a 16-story office building in downtown Salt Lake City, for sale, and says the sale will end its Utah holdings. The University of Utah has anchored the building since 2017 and occupies 38% of it.

CBRE is marketing the tower as a value-add play and pitching its empty floors as one of the few large blocks available downtown, where Class A asking rents reached a record $40.08 a square foot, up 10.9% from a year earlier. Brokers also point to the university's three-day-a-week return-to-office mandate, which they date to August, as a source of new demand.

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

374,772 sq ft
Office space in 250 Tower
Listing materials give the tower's rentable office area as 374,772 square feet.
$40.08
Record Class A asking rent downtown
Class A asking rents in Salt Lake City's central business district hit a record $40.08 per square foot, up 10.9% year over year.

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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 to investors

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

Timeline

2014 November 2026

5 events Latest: November 2nd, 2026 · 1 week ago
Tap a bar to jump to that date

  1. Unico lists 250 Tower and plans Utah exit

    Latest Sale

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

  2. University of Utah return-to-office mandate takes effect

    Policy

    CBRE brokers marketing 250 Tower say the university's three-day-a-week office mandate began in August and is drawing tenants downtown. The university's own announcement described a different timeline.

  3. 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.

  4. Unico acquires CenturyLink office portfolio

    Investment

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

  5. 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.

4

A large tenant leases 250 Tower's vacant floors before the sale closes

Possible Resolves by End of 2027

Discussed by: CBRE brokers marketing the building

CBRE says no other downtown block larger than 50,000 square feet is available, which would leave 250 Tower as one of the few options for a big tenant. A signed lease would lift occupancy and change the price a buyer would pay.

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

(5)
Building Salt Lake Unico Properties Hoodline New Media Exposé CBRE Deal Flow