Case Studies

Real estate investment case study: Bank of America Financial Center property management

Unico applied its results-driven property management services to execute significant capital upgrades to the Bank of America Financial Center, reduce operating expenses creating a better leasing value for tenants, and implement a best-in-class customer service to increase the value of a trophy asset.

Unparalleled property management increases asset value

Built in 1981, Bank of America Financial Center is located in downtown Spokane. The 20-story, 329,203-square-foot property’s largest tenant is Bank of America with the remaining tenant base composed of prominent professional service firms. At the time of purchase in 2007, the asset was considered a high-functioning, premier Class A downtown office property.

Through its integrated property management approach, Unico saw an opportunity to increase asset profitability and return on investment, enhance tenant satisfaction, and improve building efficiency and sustainable practices.

Bank of America Financial Center entrance in glass and steel. The Class A trophy asset in Spokane, Wash. was acquired by Unico in 2007.
Bank of America Financial Center entrance in glass and steel. The Class A trophy asset in Spokane, Wash. was acquired by Unico in 2007.

As a result of Unico’s management, the building’s occupancy increased from 82% to 93%

Our Property Management Services

Bank of America Financial Center is a 20-story steel and concrete construction in Spokane CBD.

Unico applied its results-driven property management services to execute significant capital upgrades to the building. The management team improved the common areas, plaza, elevators, and lobby, considerably increasing value and tenant satisfaction. Unico also reduced operating expenses by $1.80 per square foot, creating a better leasing value for tenants. Unico’s commitment to providing best-in-class customer service and achieving excellence in sustainability provided an opportunity to implement Spokane’s first comprehensive commercial recycling program. Additionally, the team installed bike lockers and showers for alternative commuting options.

Currently, BAFC is the most prestigious asset in the city with the most spacious floor plates in the market. As a result of Unico’s management, the building’s occupancy increased from 82 percent to 93 percent. In less than one year, the management team raised their customer service score to a best-in-class level; an award that only three percent of property managers achieve nationwide. Additionally, due to Unico’s sustainability efforts, BAFC received ENERGY STAR® ratings for efficient and reduced energy use in 2009 and 2010, and a LEED®-EB certification in 2011.