Case Studies

Real estate investment case study: Skinner Building redevelopment

Home to the iconic 5th Avenue Theatre, the Skinner Building was a classic, multi-use property in the heart of Seattle’s central business district that was redeveloped by Unico to meet the needs of modern tenants.

Results-driven redevelopment initiatives lead to tenant expansion and growth

Constructed in 1926 and named after David E. “Ned” Skinner, the Skinner Building is a classic multi-use property in downtown Seattle. Although home to the historic 5th Avenue Theatre and a number of high-quality luxury retailers, the property had a layout that did not lend itself to rapid tenant growth and development.

The asset had antiquated building systems, an inconvenient floor plate, and several un-leasable areas within the building. A local and rapidly growing digital agency, POP multimedia Inc., was interested in occupying the building; however, they were concerned that the property could not meet their needs.

An 8-story office and retail building built in 1926, with a large 5th Avenue Theater marquee sign

Unico’s redevelopment significantly enhanced the asset’s value and marketability

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Close up photo of the 5th Avenue Theater marquee sign.

Unico identified initiatives to increase building efficiency and tenant occupancy, and accommodate tenant expansion. The property management team recovered square footage for occupancy from oversized electrical rooms, and converted another 2,000 sf of previously un-leasable space into a full-service kitchen and break room. Unico designed an optimal layout for POP Multimedia’s tenancy, granting them a ROFO to expand onto other floors, and creating vacancies to accommodate such growth. Finally, Unico restored 17 skylights throughout the space to create a one-of-a-kind layout and installed a state-of-the-art mechanical system that immediately increased energy efficiency within the building.

More About Skinner Building

Unico’s integrative approach to redevelopment significantly enhanced the asset’s value and marketability. In 2009, the Skinner Building received a LEED-EB Gold rating for efficient energy and water use. That same year, POP Multimedia took occupancy within the building and after three phased expansions, they currently occupy 37,698 sf. In 2012, POP Multimedia saw its 10th consecutive year of double-digit revenue growth, and the Puget Sound Business Journal named them one of the Fastest-Growing Private Companies in Seattle. A year later, the company was purchased by Advance Publications, Inc., a parent of Conde Nast, and is expected to experience similar growth in coming years.