Real estate investment firm retains ownership and management of award-winning Stone34, along with new co-owner Partners Group
SEATTLE (November 2, 2018) — The award-winning Stone34 building has a new co-owner. As reported by the Puget Sound Business Journal, a joint venture of Laird Norton Properties and Unico Properties, sold the asset to a limited liability company that includes Unico and Partners Group.
“Laird Norton Properties and Unico Properties LLC’s acquisition of Stone34 in 2014 signaled both firms’ commitment to a sustainable built environment and belief that an ecologically-responsible investment could also be a fiscally-sound investment. Under their ownership, Stone34 became one of the most energy- and water-efficient buildings in Seattle,” said Unico in a joint statement sent to the media.
The real estate investment company highlighted the achievements the building earned under Laird Norton and Unico’s joint ownership, “In 2016, it earned the distinction as the first building to surpass the rigorous sustainability benchmarks set by the City of Seattle’s Living Building Pilot Program. In 2018, the Seattle 2030 District honored the building and the companies responsible for Stone34’s design, construction, and operation—Brooks Sports, Laird Norton, Skanska, and Unico—the Vision Award for Leadership. Having met their goals of maximizing value for tenants, neighbors, and partners alike while also achieving incredible sustainability success at Stone34, Laird Norton Properties’ has sold its ownership stake in the building. Unico retains its ownership stake and will continue to manage Stone34 alongside the building’s new co-owner, Partners Group, which has invested in Stone34 on behalf of its clients.”
Stone34 is the first commercially developed building, and second building overall, to complete the City of Seattle’s stringent Living Building Pilot Program. By meeting and surpassing rigorous sustainability benchmarks during a 12-month performance period, Stone34 has proven how privately owned buildings can deploy advanced green building features without sacrificing industry acceptable investment returns. The building has an ENERGY STAR score of 100 and has two LEED Platinum certifications: Building Design + Construction and Existing Buildings Operations + Maintenance. The 5-story mixed-use asset, delivered in 2014 by Skanska and designed by Seattle-based LMN Architects, was acquired by Unico and Laird Norton in 2014. The building also serves as global headquarters for sportswear giant Brooks Running.
- Learn about Stone34’s sustainability features.
- Read how sustainability affects returns in our real estate investment case study on Stone34.
- Read the press release from Seattle 2030 District recognizing the City of Seattle, the Mayor, Unico and partners for their leadership.
- “Laird Norton sells its Brooks HQ building stake in $79 million deal” — Puget Sound Business Journal
- “Stone34 sells for $79.2M” — Seattle Daily Journal of Commerce