Unico Secures 75,000 Square Foot Lease along Seattle’s Waterfront, Marking the Largest Office Lease by a Private Company in 2023
Seattle, WA (November 11, 2023) – Unico Properties, a subsidiary of Unico Invest Group LLC, proudly announces the receipt of the Deal of the Year award at NAIOP Washington’s 2023 Night of the Stars Gala. This esteemed recognition is attributed to Unico’s successful negotiation of a 75,000-square-foot lease at 2323 Elliott, representing the most significant new office lease by a private company thus far in 2023.
The Night of the Stars Gala, hosted by NAIOP’s Washington chapter, is renowned as the pinnacle awards event in the real estate industry. Attended by over 1,000 key players in the sector, the gala celebrates and acknowledges local projects and companies that have made a lasting impact on the Greater Puget Sound community.
About the Deal:
Unico Properties has drawn Insight Global, a premier staffing agency and recruiting service provider, from Bellevue to 2323 Elliott on the new Seattle waterfront. Tripling their office space footprint, Insight Global will be occupying the entire building, and bring true absorption to the market.
The property, located at 2323 Elliott Avenue in Seattle, is part of a condominium structure, situated atop a five-story parking garage. The Art Institute of Seattle, the previous occupant for 30 years, vacated the premises in 2019, necessitating a comprehensive interior renovation by Unico. Despite challenges posed by unique building characteristics and market uncertainty during the pandemic, Unico’s patience and strategic approach prevailed.
To generate demand, Unico dedicated substantial financial resources to a comprehensive marketing campaign. A highlight of this effort was an exclusive two-day event tailored for Insight Global’s 150-employee Bellevue workforce. Notable attendees included City of Seattle Mayor Bruce Harrell and the Downtown Seattle Association, demonstrating support for the downtown Seattle community and accentuating the upcoming waterfront redevelopment.
This lease transaction stands as the largest private sector office lease of 2023, a noteworthy achievement in this challenging leasing market. Beyond being a lease agreement, this partnership signifies a potential revitalization of Seattle’s commercial real estate landscape, marking a significant milestone for the new Seattle Waterfront set to be unveiled in 2024/25.