Transaction rounds out the real estate investor’s 5-year strategy of thoughtful acquisition of unique properties along the Waterfront
SEATTLE (April 18, 2019) — Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced that it has purchased Washington Park Building, a historic building in Seattle’s Pioneer Square submarket. The acquisition marks Unico’s seventh investment along Seattle’s Waterfront since 2014. With the addition of Washington Park Building, Unico’s portfolio of owned and managed properties along the Waterfront now totals over 840,000 square feet.
“The purchase of Washington Park Building rounds out Unico’s 5-year strategy of acquisition of properties along and near Alaskan Way and the planned Waterfront redevelopment,” said Unico Chief Investment Officer Ned Carner. “Since 2014, we’ve been intentional in identifying and purchasing these unique opportunities—the end of the Viaduct marks the end of this strategy because the value of Alaskan Way real estate is now obvious.”
It’s our belief that the redevelopment of the Waterfront will fundamentally change the CBD and Pioneer Square for the better
In addition to the Washington Park Building, Unico’s portfolio of owned and managed prime Waterfront properties include 51 University, Viewpoint (formerly known as World Trade Center North), World Trade Center East, 2323 Elliott, Market Place I, Marketplace II, Maritime Building, and First and Union. These properties are steps away from the planned Waterfront redevelopment project with many of the assets, such as Washington Park Building, enjoying prime frontage adjacent to the expanded Waterfront Park.
“It’s our belief that the redevelopment of the Waterfront will fundamentally change the CBD and Pioneer Square for the better,” said Carner. “And over the long-term, the redevelopment is going to improve the market more drastically than what people imagined.”
Located in the heart of Pioneer Square, Washington Park Building consists of a 4-story, 36,000-square-foot office building which is 83 percent leased to a number of small tenants. The building is situated directly south of the central business district (CBD) and provides immediate pedestrian access to numerous public transit options and urban amenities including restaurants, cafés, bars, and entertainment venues. Originally constructed in 1890 in the great rebuilding after the Great Seattle Fire of 1889, Washington Park Building was built for the Lowman and Hanford Stationery and Printing Company for their printing and bindery operations. The building features 16-to-18 foot high ceilings and the original Carnegie steel beams used in the original construction are in place to this day.
“Taking into account its prime location as the main connection between the Waterfront and Pioneer Square, we saw in Washington Park Building an opportunity to buy a historic building with an incredible character and irreplaceable bones,” said Carner.
Property managers MaKensay Real Estate Services Inc. will continue to operate and manage the building on behalf of the ownership group.
“Our ownership is pleased to sell the building to a quality Seattle-based development company that truly cares about the redevelopment of our city’s new Waterfront,” said Frank R. Buchanan, President of MaKensay Real Estate Services Inc.
About Unico Properties LLC
Unico Properties LLC, a subsidiary of Unico Investment Group LLC, is a commercial real estate investor, developer, and full-service operator focused on office and multifamily assets in emerging markets throughout the United States. Founded in 1953, Unico has been transforming the built environment by creating innovative, people-focused building experiences through a cadre of subsidiary companies that deliver boutique expertise and institutional execution for its own accounts and select third-party clients. The private equity real estate investment firm currently owns and operates 18 million square feet of commercial properties across the United States and continues to grow. For more information about Unico, please visit the firm’s website at https://unicoprop.com.
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