The former Questar Corp. headquarters building in downtown Salt Lake City has been purchased by The Boyer Company.
Cushman & Wakefield | Commerce, a Utah-based commercial real estate services firm that helped with the sale, said Boyer purchased the building from Starwood Capital of Washington, D.C.
"This sale demonstrates a strengthening in the market," Kip Paul, executive director of investment for Cushman, said in a statement announcing the sale. "Although the building has been vacant for about a year, we were able to generate eight offers in two weeks and The Boyer Co. came out on top."
He added the multiple offers on the property represent a return to a more competitive market.
Paul said that part of the appeal of the building is that it sits on 4.88 acres, which is almost half a city block situated diagonally across from City Creek. "The new owners will be looking at options on how to make use of the building and will likely build on the vacant property."
Questar vacated the building after it constructed a headquarters building a few blocks away in downtown Salt Lake City.