Unico repositioned the asset through rebranding and high-impact, select capital improvements.
When Unico acquired this 408,460-square-foot, Class-A building, the asset was suffering from a decade of deferred capital improvements and limited property management expertise.
Many leases in the building had conflicting occupancy options, and, as such, tenant relations were at an all-time low. Significant near-term rollover at below-market rents, amidst a rising market, presented opportunity and risk. Existing prestigious tenants in particular posed a substantial renewal risk, given the poor building image and deferred maintenance. Bellevue commercial real estate was vulnerable to the dot.com crash because of its high-technology occupancy and majority amount of competitive space controlled by one large owner.