Unico Properties Purchases Two Office Buildings in Seattle’s CBD for $359M


1111 Third (background) and 2nd & Spring (foreground) are located in the 1100 block of 2nd Avenue in Seattle's central business district. (Photo courtesy of Unico Properties)

SEATTLE — Unico Properties has purchased two office properties located in Seattle’s southern central business district (CBD). According to Puget Sound Business Journal, the acquisition price was $359 million.

Comprising the entire 1100 block of Second Avenue and totaling 705,868 square feet, the asset consists of adjoining buildings: 1111 Third and 2nd & Spring. At the time of sale, the buildings were collectively 95 percent leased following a $65 million renovation completed in 2017.

Built in 1980 by Wright Runstad, the 33-story, 705,868-square-foot 111 Third includes a 358-stall, six-level, subterranean parking garage, a fitness center, bike storage, showers, locker rooms, an expanded modern lobby, an outdoor plaza, and updated exterior façades and store fronts.

The name of the seller was not released.

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