Unico Sells 11-Property Office Portfolio in Seattle, Denver for $710M
SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer.
The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants.
Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD.
The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018.
Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership.
“We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president.
Jason Flynn and Paul Nelson of Eastdil Secured represented Unico in the transaction.
Seattle-based Unico currently owns and operates 17 million square feet of commercial properties across the United States.
— Kristin Hiller