SEATTLE (July 20, 2018) — Unico Properties LLC, a real estate investment and operating company, announced that it has purchased two Class A office properties in Seattle’s southern Central Business District (CBD). Encompassing the 1100 block of 2nd Avenue and totaling 705,868 square feet, the property consists of adjoining assets: 1111 Third, a 33-story tower with 565,883 square feet of traditional office space, and the adjacent 2nd & Spring, a 5-story historic creative office building totaling 139,985 square feet. The buildings are collectively 95 percent leased following a $65 million renovation completed in 2017.
“Together, the buildings offer the rare combination of high-rise views and historic, creative office space, both of which cater to traditional, creative and technology clients alike,” said Unico Properties Vice President and Regional Director Andrew Cox. “The combined investment offers a unique ability to provide, via 1111 Third, a desirable high-rise experience in a repositioned tower, while 2nd & Spring offers a cool, creative office space with century-old architectural style, modern amenities, very high ceilings and large, open floorplates.”
Prominently located a few blocks from Seattle’s retail core and its Waterfront, 1111 Third and 2nd & Spring, which are attached by an alley sky-bridge, provide immediate pedestrian access to numerous public transportation options, restaurants, hotels, and other amenities. Served by bus transit along Third Avenue, a dedicated bike lane along Second Avenue, and sitting adjacent to University Street Station, which connects the entire Puget Sound region via bus and the light rail system, the properties boast some of the city’s best access.
Together, the buildings offer the rare combination of high-rise views and historic, creative office space, both of which cater to traditional, creative and technology clients alike
1111 Third is a high-quality Class A office tower offering striking and unobstructed views of Elliot Bay and the Olympic Mountains, and newly updated office and amenity space. Developed in 1980 by Wright Runstad, the property includes a 358-stall, six-story subterranean parking garage. Recent renovations include updates to the exterior façade, store fronts, and outdoor plaza, expanded and improved modern lobby, and installation of a new fitness center, bike storage, and showers and locker rooms.
2nd & Spring is a fully-repositioned, mid-rise, creative Class A historic office building. Originally built in 1906, the building features 15-foot vaulted and exposed ceilings, expansive window lines, exposed brick walls, parking with bike storage and showers, and a 70-stall parking garage. Additionally, the building has new, state-of-the-art building systems, including a full hydronic conversion, a new lobby off of Third Avenue, an updated exterior curtain wall and glass block façade, and modern tenant improvements throughout the building.
“This purchase demonstrates Unico’s confidence in the continued relevance of the southern CBD,” said Cox, citing nearby projects Rainier Square Tower and 2+U, as well as the recent delivery of F5 Tower and Madison Centre as submarket heat indicators. “With some of the best infrastructure in the city, this location will benefit from Seattle’s growing density and its Waterfront development project. This market context combined with the buildings’ quality and stability make 1111 Third and 2nd & Spring an attractive addition to our portfolio.”
- “Unico executes $359m deal involving entire downtown Seattle block” — Puget Sound Business Journal
- “Unico Properties spends $359mm to acquire two office buildings in downtown Seattle” — The Registry Puget Sound
- “Unico and AEW pays $359m for 1111 Third block” — Seattle Daily Journal of Commerce
- “Unico Properties purchases two office buildings in Seattle’s CBD for $359m” — REBusiness Online
- “AEW and Unico join to buy two Seattle offices for $359m” — I&PE Real Assets
- “Unico Properties buys full block in Seattle’s central business district” — Bisnow Seattle