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

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.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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