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Trustees approve $38M downtown sale–leaseback to return cash and expand campus presence
Summary
The board approved a sale of a downtown 240,000 sq ft building to the university foundation for $38,000,000 and a credit‑tenant leaseback; trustees said the move expands student opportunities downtown and returns cash to the university.
The University of Utah trustees approved a sale–leaseback of a downtown City Center property acquired by the university in August 2024. The administration described a transaction in which the university will sell the 240,000 square‑foot building and associated land to the university foundation for the original purchase price (~$38,000,000), then enter a credit‑tenant lease so the foundation will own and operate the property while the university leases space and returns cash to its operating position.
The operating officer said the acquisition enables a stronger downtown presence, closer industry partnerships for programs such as the graduate games program, and a stabilized mix of commercial tenants. "We paid about $38,000,000 for this building," the presenter said when summarizing the transaction and rationale. Trustees discussed student benefits and long‑term economic development in Salt Lake City; the board moved and approved the sale–leaseback as presented.
