Lincoln and ACORE launch Foundry43 in Salt Lake City's Granary District

Lincoln Property Company and ACORE Capital have rebranded the former Industry SLC structure in Salt Lake City's Granary District as Foundry43, an adaptive-reuse project on a steel foundry site, according to Connect CRE.

Foundry43 sits on a 230,000-square-foot campus. The creative office addition is 64,000 square feet. A fitness center takes up 34,000 square feet. Retail accounts for 12,000 square feet. The garage has 1,000 stalls. ACORE brought in Lincoln to stabilize and reposition the property; parking and retail construction are done. JLL is leading leasing.

The foundry is Lincoln's latest repositioning bet. This week the firm closed on a $450 million tri-state portfolio with Saber-Hightower and Waterfall. It also delivered The Bluffs office rehab in Playa Vista — same playbook, different buildings.

Foundry43 is the right kind of office trade: small-bay creative space in a live-work neighborhood, not another glass tower with nothing around it. Office distress concentrates in inventory nobody rebuilt. If the rents don't justify the amenities, the fitness center is a very expensive parking garage. The 64,000 square feet of lease-up will show whether repositioned industrial property can command the rents those amenities imply.