Real estate firm opens a local management office as its portfolio grows to include more than 1 million square feet of commercial space in downtown Salt Lake City
SALT LAKE CITY (October 15, 2018) — Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced that it has purchased City Centre I, a Class A high-rise in downtown Salt Lake City. The acquisition, which consists of the 10-story office building and an adjoining 1.8-acre surface parking lot, marks Unico’s third investment in the city. With the addition of City Centre I’s 229,600 square feet, Unico’s portfolio in downtown Salt Lake City now totals over 1 million square feet of space.
Located in Salt Lake City’s central business district (CBD), City Centre I encompasses half a city block on State Street. The building is situated on the TRAX light rail line and offers direct freeway access to I-15 as well as excellent walkability throughout the downtown core. The building is just blocks from City Creek Center, the primary retail attraction anchoring the downtown core; it also sits across the street from the public park grounds surrounding the Salt Lake City and County Building and the Salt Lake City Public Library.
“We see City Centre as a great addition to our portfolio—it’s a quality asset with a strong tenant base and we are attracted to its proximity to expanded mass transit and downtown’s improving retail amenities,” said Unico Vice President of Acquisitions Robert Penney.
“We’re drawn to the population, employment, and labor force growth evident in the Salt Lake metro and see this as a long-term driver of the commercial real estate market,” said Penney, adding that the market’s historically stable real estate market is a significant draw.
“We’ll have a long-term presence in the Salt Lake City market,” Penney said. “I could see doubling our current footprint in the future and we are still actively looking for new opportunities to invest here.”
We see immense opportunity in Salt Lake City, and we’re excited to continue to contribute to the vibrancy of the downtown as we reimagine and reintroduce these properties into the market.
Unico began investing in Salt Lake City in 2014, with its acquisition of the historic Boston Building, a 105,000 square foot creative office building located within Exchange Place Historic District, just around the corner from City Centre I. In 2017, the private equity real estate firm purchased a two-building, 672,500 square foot portfolio from CenturyLink that had been owned and occupied by the telecommunications company for more than 30 years. Located in Salt Lake City’s CBD within blocks of City Centre I, the portfolio includes a 16-story, 366,500 square foot office building with an adjoining 461-stall parking garage, as well as a 6-story, 306,000 square foot former data center.
Unico plans to invest in several upgrades to each of their new properties, with the goal of creating a top-tier experience for their tenants. Renovations are underway at the office tower acquired from CenturyLink; rebranded as Tower 250, the building will boast new amenities and a new lobby, along with Class A finishes when its reposition is complete. Unico intends to reposition City Centre I as a market leading office building through a thoughtful rebrand, an enhanced amenity package, and capital upgrades targeting the lobby and the property’s abundant decks.
“We see immense opportunity in Salt Lake City, and we’re excited to continue to contribute to the vibrancy of the downtown as we reimagine and reintroduce these properties into the market,” said Jackie Costigan, Unico Senior Vice President of Development and principal at Costigan Integrated, a wholly owned subsidiary of Unico, which will oversee continued renovations.
Along with the acquisition, Unico also announced the opening of its first management office in Salt Lake City. Located at Tower 250, the office is presently staffed by Unico General Manager Nicole Quirk and Unico Chief Engineer Todd Taft, with a growing team of property managers and engineers scheduled to join in the coming weeks. Unico Vice President of Real Estate Services Russ Davis oversees the office.
“We’ve been actively building relationships and steadily growing our presence here in Salt Lake City, and our new office is evidence of those efforts,” said Davis. “It’s a local platform from where our people—experts deeply involved in and from the community—will provide the expertise and execution that we’ve brought to bear in our other markets.”
City Centre I is one of Unico’s major transactions in the third quarter of 2018; in July, the investment firm purchased a full-block, Class A portfolio in Seattle’s CBD; and in September acquired MODA Tower in Portland, Ore., and the iconic One Nashville Place in Nashville, Tenn. Altogether, the transactions totaled $750 million and comprised 1.8 million square feet of office space.
Founded in 1953, Unico is a commercial real estate owner, operator and developer of a more than $3 billion portfolio comprising more than 17 million square feet of primarily office and multifamily properties in dynamic markets throughout the United States, including Seattle, Portland, Denver, Boulder, Austin, Salt Lake City, and most recently Nashville. Unico employs more than 200 professionals between its Seattle-based headquarters and the cities the real estate firm is invested in, which is notable in context with the breadth of its in-house operating platform. The company levers integrated development, sustainability and solar energy services to create innovative, people-focused experiences, strategies and solutions for its own portfolio and select third-party clients.
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 17 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.
About Costigan Integrated
Costigan Integrated, founded in 2010, is a unique owner’s representation firm that provides the full spectrum of real estate development management services to projects ranging from the smallest office to master planning. Its integrated approach and leadership have resulted in the successful completion of projects as varied as KEXP’s new headquarters in Seattle to Holland America Princess Alaska-Yukon’s resort in Denali National Park in Alaska. Now, as a wholly-owned subsidiary of Unico, Costigan Integrated continues to operate under its own brand and identity for existing and new customers in multiple markets. For more information, please visit CI’s website at https://costiganintegrated.com.
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- “Unico Properties expands Salt Lake City portfolio with $74 Million acquisition of Class A office tower” — CoStar News
- “Unico Properties acquires 229,600 sf City Centre office tower in Salt Lake City” — REBusiness Online
- “Unico makes third Salt Lake City buy” — GlobeSt.com
- “Unico expands Salt Lake City footprint with City Centre I buy” — Connect Media
- “Unico Properties acquires 229,600 sf City Centre office tower in Salt Lake City” — CRE Firms