We excel at leaving properties better than we found them. We believe the best property transformations are those that combine thoughtful, tenant-centered design with innovative capital plans and finely-tuned operations. In this cycle, we’ve completed nearly half a billion dollars of capital improvements to our assets, which has helped us outperform pro forma leasing assumptions in both speed of absorption and rental rate.
Despite its excellent location in Denver’s LoDo district, Writer Square’s rental rates were below market and the asset was in need of refreshing. With office vacancy driving an unprecedented level of demand in the submarket, Unico saw an opportunity to capitalize on future rent growth in the area.
Following the failure of an attempted residential condo conversion which led to subsequent ownership by a distressed debt fund without an operator mindset, Smith Tower was suffering from sustained low occupancy with rental rates well below market.
U.S. Bancorp Tower
Knowing that anchor tenant U.S. Bancorp would eventually downsize, and that the new wave of office demand favored a more activated environment, Unico embarked on a property makeover. Our vision was to reposition the property to attract a more diverse tenant mix, emphasizing technology and creative firms, without alienating the professional firms that defined much of the existing tenant base and had upcoming lease renewals to address.