Unico's creative deal-sourcing unlocked an inaccessible, yet irreplaceable historic office asset for its investors
We are steadfast believers in the power of strong locations and how the marriage of submarket fundamentals with an appropriately designed product can consistently outperform over time.
Unico’s local team had long coveted the RiverTec Building, a perfectly executed historic rehab with easy leasing and low capital requirements. The ownership group, with whom Unico had developed a relationship via a prior transaction, were interested in diversifying their holding without diluting the quality—and in finding a way to transition operation and create partnership flexibility over time.
That said, they had a low tax basis that made an asset sale infeasible.