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Case Studies

Real estate asset management case study: CenterPoint Towers

Unico quickly turned around an under-tenanted asset using creative marketing and stellar property management that led to a successful disposition 7 months after taking over leasing and management.

An opportunity to stabilize an under-tenanted office asset

Unico, in a joint venture with AEW Capital Management, acquired the first mortgage note for CenterPoint Towers, a 436,000 square foot Class A suburban Seattle office complex, in August 2011. Originally built by Boeing in 1986 for its own occupancy, the asset had since been renovated in 2000 to convert it to a multi-tenant commercial building.

Unico’s lender interest in the property needed to be converted to fee simple ownership and additional leasing capital was needed to bring the 66% occupied asset to stabilization. Unico acquired the note from the previous lender, Barclays, for $34.2 million or $79 psf (equal to 45% of the previous owner’s purchase price of $178 psf).

After acquiring the loan, Unico successfully negotiated a deed-in-lieu of foreclosure with the then current borrower, Whitehall Funds, and mezzanine lender, Transwestern. Unico’s lender interest was converted to fee-simple ownership in February 2012—at which point it could begin managing and leasing the property. Because of its very low-cost basis in the building and reserved additional leasing capital, and driven by its knowledge of trends in this submarket, Unico made the decision to aggressively market the asset, offering better leasing economics than its neighboring property owners.

Unico, a private equity real estate investment firm, quickly turned around CenterPoint Towers with aggressive marketing and stellar property management. (Source: Seattle real estate investment case study: Asset management of CenterPoint Towers)
Unico, a private equity real estate investment firm, quickly turned around CenterPoint Towers with aggressive marketing and stellar property management.

In 7 months after taking over leasing and management, Unico sold the asset to a private investment group generating 47% levered IRR and equity multiple of 1.5x

More Repositioning Stories


After only four months of taking over management and leasing at CenterPoint Towers, Unico received an unsolicited offer from a private investment group to purchase the building for $46.3 million ($106 psf) in June 2012.

The transaction closed in September 2010 and produced a property-level gross levered IRR of 47% and equity multiple of 1.5x. Additionally, during its seven months of fee-simple ownership, Unico signed five new leases totaling 56,000 square feet and also renewed a large portion of one of the building’s anchor tenants that were underwritten to vacate.

Built by Boeing in 1986, CenterPoint Towers is a 436k sf suburban office complex acquired by real estate investment company Unico in 2011.
Built by Boeing in 1986, CenterPoint Towers is a 436k sf suburban office complex acquired by real estate investment company Unico in 2011.

Investment Highlights

  • 47% levered IRR
  • 1.5x equity multiple
  • Converted note to fee simple ownership

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Services Provided

  • Acquisitions
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1215 Fourth Avenue, Suite 600
Seattle, Washington 98161

(206) 628-5050

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