The highly sustainable, speculative development is Salmon-Safe certified, pre-certified LEED® Platinum (Core + Shell), and was delivered on-time and on-budget during the pandemic
SEATTLE (October 1st, 2021) — Partners Group, a leading global private markets firm, acting on behalf of its clients, and private equity real estate investment firm Unico Properties LLC, announced the sale of Cascadian, their 211,066-square-foot creative office / life science development in South Lake Union’s historic Cascade neighborhood for an undisclosed price. The buyer will convert the building into a fully dedicated, life sciences facility.
With Sellen Construction as the project’s General Contractor, the highly sustainable, speculative development is certified Salmon-Safe, is pre-certified LEED® Platinum (Core + Shell) and was delivered on-time and on-budget in August of this year.
The sale reflects Unico’s recognition of the strong, long-term outlook for life sciences in the Puget Sound region’s market and was an intentional shift in its strategy to meet the needs of the thriving life science office and lab space market.
“The sale of Cascadian reflects both the strength of the diverse, broader, office market in the Puget Sound region and the fact that the Puget Sound has truly established itself as a top-tier life science and research location,” said Andrew Cox, Unico Properties Senior Vice President and Regional Director.
The development was designed to appeal to traditional office tenancy and to be readily available for conversion to life science. Located at 330 Yale Avenue North in the heart of Seattle’s thriving Cascade neighborhood, Perkins + Will served as the architect.
Perkins + Will and the consultants consistently found ways to build flexibility and adaptability into the design and Sellen and their subcontractors found innovative solutions in executing that vision.
— Chris Angus, Unico Properties Vice President, Construction and Design
Chris Angus, Unico Properties Vice President, Construction and Design said the project required exceptional collaboration to ensure on-time and on-budget delivery, particularly in the current construction environment.
“While building in a congested site such as this always presents difficulties, the team was further challenged by the pandemic and its fallout,” Angus said. “Perkins + Will and the consultants consistently found ways to build flexibility and adaptability into the design and Sellen and their subcontractors found innovative solutions in executing that vision.”
Cascadian project highlights:
- Exceptional, 7,300-square-foot, green rooftop terrace offers tenants protected views of Lake Union, Space Needle, Olympic Mountains, and the downtown skyline while providing space for collaboration and ideation.
- Immediate access to the I-5 and direct connections to Metro and Sound Transit Express routes provides easy access to the building.
- Elegant, clean, and modern design that incorporates and reflects the hillside neighborhood.
- Unrivalled sustainability features including Salmon-Safe certification, LEED® Platinum pre-certification, ample green spaces at street-level and outdoor spaces, and 92 kW solar energy system which will offset 8% of the total energy use of the proposed building design.
The sale was brokered on behalf of Unico Properties by Kevin Shannon and Nick Kucha of Newmark Knight Frank.
- LPC West and Invesco buy Unico’s vacant new Cascadian building for over $164M