Unico repositioned the 52,809-square-foot historic building into a prime office and retail property in the heart of the revitalized waterfront
SEATTLE (April 8th, 2024) – Unico Properties LLC, a real estate investment and operating company, and Pinnacle Partners, an early mover and leader in Opportunity Zone (OZ) real estate investing, have completed an extensive renovation of Washington Park, transforming the historic building into one of the most unique office and retail properties with breathtaking views along the revitalized Seattle Waterfront. Located at 68 S. Washington St. at the gateway between the Waterfront Park improvements and the historic Pioneer Square neighborhood, the 52,809-square-foot Washington Park includes office space, a rooftop penthouse and patio, and a ground-floor anchor retail space facing the waterfront.
“The fully renovated Washington Park is a one-of-a-kind, move-in ready opportunity in the heart of the Seattle Waterfront and specifically across the street from Waterfront Park Habitat Beach. Our major transformation of this historic property complements the beautiful, new waterfront, and creates a stunning home and turnkey new space for tenants who are looking for office space with modern infrastructure and historic charm,” said Liz Thorson, Unico Properties Director, Market Leader. “We’re thrilled to bring this building with a deep Seattle history and immense architectural character to life.”
Unico acquired Washington Park in 2019, adding the building to its growing portfolio of properties along the Seattle Waterfront. The ensuing renovation included:
- A full seismic
- A complete renovation of each floor, including the addition of restrooms, kitchens, conference rooms and mezzanines, making the building move-in ready.
- The addition of a penthouse and rooftop
- A new architectural staircase that connects the basement with the ground floor to bring light to the lower level.
Originally constructed in 1890 after the Great Seattle Fire of 1889, Washington Park was built for the Lowman and Hanford Stationery and Printing Company for their printing and bindery operations. The building features 16-to-18-foot ceilings on the ground floor with stunning views of Puget Sound, and the original Carnegie steel beams used in the initial construction. A 12,000-square-foot anchor office, retail or restaurant space facing the waterfront is available, with an additional 2,000-square-foot space available that faces the newly improved Washington Street.
“We’re eager and excited to partner with a local or regional operator to create new experiences in this neighborhood through the activation of the ground-floor spaces,” added Thorson.
Washington Park is situated directly south of Seattle’s central business district and provides immediate pedestrian access to numerous public transit options and urban amenities, including restaurants, cafés, bars, and entertainment venues. It is located at the southern end of the city’s Waterfront Seattle project, which is rebuilding Alaskan Way between South King and Pike streets. This Waterfront Seattle project includes new connections to parks, restaurants, stores, and neighborhoods, raised street crossings for pedestrians, new street trees, new pedestrian lighting and other improvements.
Washington Park is also part of the Opportunity Zone program, a federal program that provides tax incentives for investments made in underserved neighborhoods and urban areas. A portion of Pioneer Square and the Waterfront Seattle project is within an Opportunity Zone, as well.
“Pinnacle Partners and our investors are pleased to see this wonderful transformation of a historic office building into a state-of-the-art building keeping its historic features,” stated Leo Backer, managing partner of Pinnacle Partners. “As an Opportunity Zone real estate project, this meets the spirit of this tax advantage program by improving a property that will add jobs to the historic Pioneer Square neighborhood and right in the middle of the waterfront improvement project which will add tremendous value to this neighborhood.”
Washington Park is the most recent addition to Unico’s portfolio of owned and managed prime waterfront properties in Seattle, which also includes 51 University, Viewpoint, World Trade Center East, 2323 Elliott, Market Place I, Marketplace II, Maritime Building, and First and Union. These properties are steps away from the Waterfront redevelopment, with many of the assets, including Washington Park, enjoying prime frontage adjacent to the expanded Waterfront Park.
The Broderick Group and Real Retail are marketing Washington Park for lease.
About Opportunity Zones
Created with the Tax Cuts and Jobs Act of 2017, Opportunity Zone tax incentives spur economic growth and job creation in communities while providing investors with a series of tax incentives, including deferral of taxes on invested qualified capital gains until 2026