Featured Case Study

The Lincoln Building

Having originally acquired the property for $43 per square foot on an all-cash basis, and increasing occupancy to 97%, in November of 2013 Unico put the Lincoln Building on the market, recognizing the opportune time to sell given market cycles and duration of remaining lease terms.

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Regis Jesuit High School

A hands-on opportunity to teach its students about modern energy sources.

$0 upfront cost to the building’s residential owners

10,000 metric tons of carbon dioxide emissions avoided over 20 years

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" data-terms="{"case_study_service":[{"id":183,"name":"Solar Energy","slug":"solar-energy","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":5,"url":"https:\/\/unicoprop.com\/case_study_service\/solar-energy\/","meta":{}},{"id":84,"name":"Sustainability","slug":"sustainability","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/sustainability\/","meta":{}}],"case_study_region":[{"id":224,"name":"Hawaii","slug":"hawaii","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":1,"url":"https:\/\/unicoprop.com\/case_study_region\/hawaii\/","meta":{}}]}">

The Whaler

Beachfront views have never looked this good.

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Martin/Martin

The 500 kW system is designed to last for over 40 years.

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Circa Building

Unico’s solar lease was easily assigned to the new owners, proving that Unico’s innovative model contributes—and is not a hindrance—to successful institutional exits.

Unico secured a tenant-in-tow to bring the vacant building to 70% occupancy at closing.

While under contract to acquire the property, Unico found a government credit tenant to lease 100,000 square feet, bringing the building to 70% occupancy at closing. The timing stipulations were so expedited for this tenant-in-tow that Unico had to skillfully negotiate space requirements with the seller while not giving away its proposed new tenancy. Once acquired, Unico successfully renovated the building to attract more tenants, while also completing a seismic upgrade and substantial sustainability improvements including LEED® Gold certification. Unico leased the remaining vacancy to five additional tenants during a period when Qwest downsized its space further (outperforming its underwritten stabilized occupancy level). Having originally acquired the property for $43 per square foot on an all-cash basis, and increasing occupancy to 97%, in November of 2013 Unico put the Lincoln Building on the market, recognizing the opportune time to sell given market cycles and duration of remaining lease terms. With multiple bids received, and the last three percent of the building leasing up, a buyer was selected allowing Unico to ultimately deliver a 19% IRR to it and its investment partners over a nine-year hold." data-terms="{"case_study_service":[{"id":200,"name":"Dispositions","slug":"dispositions","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":1,"url":"https:\/\/unicoprop.com\/case_study_service\/dispositions\/","meta":{}}],"case_study_region":[{"id":92,"name":"Oregon","slug":"oregon","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":8,"url":"https:\/\/unicoprop.com\/case_study_region\/oregon\/","meta":{}}]}">

The Lincoln Building

Leveraging our local knowledge, we eliminated financial risk and converted a condemnation risk into a benefit that translated into a successful redevelopment

[btn href="https://unicoprop.com/case-studies/repositioning/"]More Repositioning Stories[/btn]

Unico identified a redevelopment path that turned Earlington's red flags into financial benefits. Leveraging our local knowledge, Unico led King County to occupy the larger 95,000 square foot building as a built-to-suit redevelopment. Unico eliminated financial risk in the project by signing a deal with the County prior to the acquisition, and then planned and delivered a $9 million development on deadline. Unico converted the condemnation risk into a benefit by exchanging cash for land with excess parking. Unico's in-house leasing team evaluated the 30,000 square foot building as an asset with flexible tenant suite configurations, ample parking, and a prime location. After Unico redeveloped the larger building for the County on time and on budget, the County exercised its right to acquire the asset for long-term occupancy. Post acquisition, Unico relocated the Department of Corrections from the 30,000 square foot building to re-introduce it to the leasing market after cosmentic renovations. The redevelopment efforts for the smaller building translated into excellent financial results: Unico was able to generate sufficient proceeds from loan financing, the County's purchase, and the State's condemnation deal to provide ownership with both next cash distributions and an ongoing zero-basis position." data-terms="{"case_study_service":[{"id":61,"name":"Asset Management","slug":"asset-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/asset-management\/","meta":{}},{"id":199,"name":"Integrated Platform","slug":"integrated-platform","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":1,"url":"https:\/\/unicoprop.com\/case_study_service\/integrated-platform\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Earlington Business Center

Unico identified a redevelopment path that turned Earlington’s red flags into financial benefits.

Eastmont Tower Center was an undermanaged 634k sf office and retail complex facing tenant vacation totaling 42% of the building

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Unico met with tenants to address their concerns and business needs, rebuild trust and relations, and identify strategies to promote tenant retention. Management also started attending community meetings to build community support and ensure Eastmont remained a successful and profitable asset within Oakland. Working with a local broker, Unico's integrative approach delivered significant value and tenant retention, resulting in 99,393 square feet leased and renewed, and another 81,035 square feet in the renewal process in just little more than 24 months since taking over management. Costs associated with service providers were rebid and reduced while services, such as security and building maintenance, increased thereby contributing to significant cost savings and tenant satisfaction." data-terms="{"case_study_service":[{"id":3,"name":"Property Management","slug":"property-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/property-management\/","meta":{}}],"case_study_region":[{"id":197,"name":"California","slug":"california","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":1,"url":"https:\/\/unicoprop.com\/case_study_region\/california\/","meta":{}}]}">

Eastmont Town Center

Eastmont required a property management team to successfully manage building operations, resolve tenant concerns, retain leases,
and effectively communicate the owner’s commitment to the tenant base and Center. Unico was identified as having both the market expertise and property management experience needed to effectively address these issues.

Built in 1954, the Denver Club had a dated reputation amid Denver’s modernizing market, and was in need of significant improvements after more than six decades under ownership groups who lacked adequate funding to maintain and update the building. The 24-story mid-century building faced multiple repositioning challenges, including an unwelcoming lobby without a defined entrance, limited tenant amenities, and a historic chapel designed for Mamie Eisenhower that was subject to historic preservation requirements.

Exterior of DC Building owned by real estate investment firm Unico properties. A Class A mid-century building in the heart of downtown Denver.

Bowling alley in the nterior of DC Building, owned and repositioned by real estate investment company Unico Properties.

Our off-market roundtrip of a non-transactable asset led to a successful institutional exit generating 25% IRR and 2.1x multiple in just 3.5 years

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Unico purchased the building in 2015 and quickly launched a repositioning strategy to invest more than $12.5 million in updates and amenities, including a striking new lobby, improvements to the interior and exterior common spaces, and an upgraded fitness facility. Capitalizing on Denver Club’s architectural and historical character, we reintroduced it as The DC Building, and implemented a leasing strategy to bring rents in-line with the market. We generated favorable media coverage by donating the chapel’s artifacts to the President Dwight D. Eisenhower Presidential Library & Museum, and redeveloping the oddly-shaped basement space into a bowling alley and one-of-a-kind social space for the exclusive use of tenants. Having undergone an exhaustive and thoughtful repositioning, The DC Building has become one of Denver’s premier downtown assets.Its impressive upgrades have attracted a diverse rent roll; proven demand from recently completed renovation has driven a substantial re-tenanting effort at the property with over 83,000 square feet of leasing completed in the past 24 months. On all renovated floors, we were able to charge rents at a significant premium compared to pre-renovation. Just 18 months after its purchase, The DC Building had achieved a 62.5% increase in net rents over previous rates." data-terms="{"case_study_service":[{"id":45,"name":"Repositioning","slug":"repositioning","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/repositioning\/","meta":{}}],"case_study_region":[{"id":91,"name":"Colorado","slug":"colorado","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":12,"url":"https:\/\/unicoprop.com\/case_study_region\/colorado\/","meta":{}}]}">

DC Building

Unico purchased the building in 2015 and quickly launched a repositioning strategy to invest more than $12.5 million in updates and amenities. Having undergone an exhaustive and thoughtful repositioning, The DC Building has become one of Denver’s premier downtown assets.

The FAA Building, a Class A institutional office building, managed by Unico, a private equity real estate investment firm.[/caption]

Unico’s work reduced energy consumption, resulting in annual energy savings of $115,000

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[caption id="attachment_7251" align="alignnone" width="2000"]

Exterior shot of the FAA Building and signage, managed by Unico, a private equity firm, fully leased to the Federal Aviation Administration

The FAA Building, fully leased to the Federal Aviation Administration.[/caption] In 2008, Unico partnered with MacDonald-Miller Facility Solutions and performed a building-wide investment grade energy audit to identify major deficiencies in building systems and facility improvement strategies. The audit attributed the asset’s excessive energy consumption to a lack of fan control and failing interior zones. Based on these findings, Unico’s engineering team replaced pneumatic zone controls and corrected zoning issues, and installed variable frequency drive (VFD) controls on rooftop fan units and new energy controls to optimize operating schedules. Unico’s system enhancements resulted in an elevated ENERGY STAR rating of 95, and a LEED Gold certification. By 2011, the asset experienced a significant reduction in energy consumption resulting in annual energy savings of $115,000, and a residual value from energy savings of $1.17M. The net profit from the facility improvements reached $1.01M including $99,000 in cash savings recovered before sale. Additionally, the predicted payback period was reduced from 6.6 years to 2.3 years, and the actual savings surpassed the pro forma estimate by $75,000. Before sale, the single tenant, FAA, renewed their lease through 2015." data-terms="{"case_study_service":[{"id":84,"name":"Sustainability","slug":"sustainability","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/sustainability\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

FAA Building

Unico partnered with MacDonald-Miller Facility Solutions and performed a building-wide investment grade energy audit to identify major deficiencies in building systems and facility improvement strategies.

The RiverTec Building was acquired by Unico, a private equity real estate investment firm, as part of its Boutique Office Portfolio.[/caption]

Unico was able to offer investors an otherwise inaccessible asset while giving RiverTec's owners access to a broader pool of properties without triggering taxes

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Aerial map of Portland signifying RiverTec Building's location. The asset was acquired by Unico, a private equity real estate investment firm, as part of its Boutique Office Portfolio.

Unico had structured its Boutique Office Portfolio with this very circumstance in mind. The owners were able to access a broader commingled pool of like-kind stable assets in “tony” locations without triggering tax by contributing their asset; while Unico was able to offer its BOP investors an off-market route to an irreplaceable and otherwise inaccessible asset." data-terms="{"case_study_service":[{"id":40,"name":"Acquisitions","slug":"acquisitions","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/acquisitions\/","meta":{}},{"id":33,"name":"Deal Sourcing","slug":"deal-sourcing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":7,"url":"https:\/\/unicoprop.com\/case_study_service\/deal-sourcing\/","meta":{}}],"case_study_region":[{"id":92,"name":"Oregon","slug":"oregon","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":8,"url":"https:\/\/unicoprop.com\/case_study_region\/oregon\/","meta":{}}]}">

RiverTec Building

Unico was able to offer its Boutique Office Portfolio investors an off-market route to an irreplaceable, and otherwise inaccessible asset through creative deal-sourcing.

Integrative property management and creative repositioning raised occupancy over 90%

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A large price reduction for the conflicting tenant occupancy options was negotiated during due diligence, which was accretive to returns because they were resolved without cost. Within the first year, Unico repositioned the asset through rebranding and high-impact, select capital improvements including a lobby remodel, ground floor retail upgrades and reconfiguration, and the addition of a speed ramp to the parking garage. As the dot.com crash began, Unico lowered asking rental rates (surprising the market) and maintained 90%+ occupancy levels through the recession while competitors suffered large occupancy declines. As well, Unico bifurcated its marketing strategy to both larger and smaller tenancy to better diversify its rental stream. After recapitalizing its initial joint venture partner's equity, Unico sold the building in 2006 and realized $42 million in profit, equating to a 103% gross levered IRR. During the first years of its ownership, Unico was able to increase occupancy levels and NOI as a result of its hands-on management, capital improvement strategy, and building rebranding. With a fresh Class-A presentation, Unico was able to capitalize on exisiting and new tenant demand at higher rental rates from both large and small tenancy.

Exterior of Skyline Tower, a Class A office building in real estate investment company Unico Propertie's portfolio, located in Bellevue, Was.

" data-terms="{"case_study_service":[{"id":3,"name":"Property Management","slug":"property-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/property-management\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Skyline Tower

During the first years of its ownership, Unico was able to increase occupancy levels and NOI as a result of its hands-on management, capital improvement strategy, and building rebranding.

Bank of America Financial Center entrance in glass and steel. The Class A trophy asset in Spokane, Wash. was acquired by Unico in 2007.[/caption]

As a result of Unico’s management, the building’s occupancy increased from 82% to 93%

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Bank of America Financial Center is a 20-story steel and concrete construction in Spokane CBD.

Unico applied its results-driven property management services to execute significant capital upgrades to the building. The management team improved the common areas, plaza, elevators, and lobby, considerably increasing value and tenant satisfaction. Unico also reduced operating expenses by $1.80 per square foot, creating a better leasing value for tenants. Unico’s commitment to providing best-in-class customer service and achieving excellence in sustainability provided an opportunity to implement Spokane’s first comprehensive commercial recycling program. Additionally, the team installed bike lockers and showers for alternative commuting options. Currently, BAFC is the most prestigious asset in the city with the most spacious floor plates in the market. As a result of Unico’s management, the building’s occupancy increased from 82 percent to 93 percent. In less than one year, the management team raised their customer service score to a best-in-class level; an award that only three percent of property managers achieve nationwide. Additionally, due to Unico’s sustainability efforts, BAFC received ENERGY STAR® ratings for efficient and reduced energy use in 2009 and 2010, and a LEED®-EB certification in 2011." data-terms="{"case_study_service":[{"id":3,"name":"Property Management","slug":"property-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/property-management\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Bank of America Financial Center

Unico applied its results-driven property management services to execute significant capital upgrades to the Bank of America Financial Center, reduce operating expenses creating a better leasing value for tenants, and implement a best-in-class customer service to increase the value of a trophy asset. As a result of Unico’s stellar property manager, the building’s occupancy increased from 82 percent to 93 percent.

Unico’s redevelopment significantly enhanced the asset’s value and marketability

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Close up photo of the 5th Avenue Theater marquee sign.

Unico identified initiatives to increase building efficiency and tenant occupancy, and accommodate tenant expansion. The property management team recovered square footage for occupancy from oversized electrical rooms, and converted another 2,000 sf of previously un-leasable space into a full-service kitchen and break room. Unico designed an optimal layout for POP Multimedia’s tenancy, granting them a ROFO to expand onto other floors, and creating vacancies to accommodate such growth. Finally, Unico restored 17 skylights throughout the space to create a one-of-a-kind layout and installed a state-of-the-art mechanical system that immediately increased energy efficiency within the building.

[btn href="https://unicoprop.com/properties/skinner-building/"]More About Skinner Building[/btn]

Unico’s integrative approach to redevelopment significantly enhanced the asset’s value and marketability. In 2009, the Skinner Building received a LEED-EB Gold rating for efficient energy and water use. That same year, POP Multimedia took occupancy within the building and after three phased expansions, they currently occupy 37,698 sf. In 2012, POP Multimedia saw its 10th consecutive year of double-digit revenue growth, and the Puget Sound Business Journal named them one of the Fastest-Growing Private Companies in Seattle. A year later, the company was purchased by Advance Publications, Inc., a parent of Conde Nast, and is expected to experience similar growth in coming years." data-terms="{"case_study_service":[{"id":4,"name":"Development","slug":"development","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/development\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

An 8-story office and retail building built in 1926, with a large 5th Avenue Theater marquee sign

Skinner Building

Home to the iconic 5th Avenue Theatre, the Skinner Building was a classic, multi-use property in the heart of Seattle’s central business district that was redeveloped by Unico to meet the needs of modern tenants.

Best-In-Class Property Management Pays Dividends.

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Overlake Hospital Medical Center is a 349-bed, nonprofit regional medical center in Bellevue, Washington.

In 2009, Unico began bringing its award winning, best-in-class customer service to its 250,000 square foot portion of the seven building, multimillion square foot campus. Unico’s ability to provide fully-integrated property management, leasing, and asset management capabilities created huge value for the hospital via the ability to consolidate what had been historically vertical services. Unico conducted rigorous evaluations to identify building inefficiencies, and areas of improvement for the existing campus. Having historically been treated as a single-occupant asset, the medical campus had numerous core building systems where improvements could reduce costs and increase tenant satisfaction. Unico’s in depth knowledge of medical office building management and leasing, coupled with its owner perspective, paid dividends, resulting in over 40,000 square feet of leasing and renewals within 12 months and achievement of the “A List Award for Excellence in Customer Service”, from CEL & Associates, a national, independent real estate consulting firm. Finally, leading the way in online medical records, a two year negotiation was completed to bring high-speed fiber optic internet access to the campus, allowing 100% of medical records to be kept online, an increasing standard of the industry, and hallmark of leading medical facilities." data-terms="{"case_study_service":[{"id":3,"name":"Property Management","slug":"property-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/property-management\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Overlake Hospital Medical Center

Unico was identified as having both the local knowledge required, as well as the industry and asset type expertise, and so was selected to manage the project.

Unico, a private equity real estate investment firm, quickly turned around CenterPoint Towers with aggressive marketing and stellar property management.[/caption]

In 7 months after taking over leasing and management, Unico sold the asset to a private investment group generating 47% levered IRR and equity multiple of 1.5x

[btn href="https://unicoprop.com/case-studies/repositioning/"]More Repositioning Stories[/btn]

After only four months of taking over management and leasing at CenterPoint Towers, Unico received an unsolicited offer from a private investment group to purchase the building for $46.3 million ($106 psf) in June 2012. The transaction closed in September 2010 and produced a property-level gross levered IRR of 47% and equity multiple of 1.5x. Additionally, during its seven months of fee-simple ownership, Unico signed five new leases totaling 56,000 square feet and also renewed a large portion of one of the building's anchor tenants that were underwritten to vacate. [caption id="attachment_7021" align="aligncenter" width="792"]

Built by Boeing in 1986, CenterPoint Towers is a 436k sf suburban office complex acquired by real estate investment company Unico in 2011.[/caption]" data-terms="{"case_study_service":[{"id":40,"name":"Acquisitions","slug":"acquisitions","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/acquisitions\/","meta":{}},{"id":61,"name":"Asset Management","slug":"asset-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/asset-management\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

A class-A suburban office complex in Seattle, Washington, built in 1986 and renovated in 2000.

CenterPoint Towers

Unico quickly turned around CenterPoint Towers, an under-tenanted asset, with creative marketing and stellar property management that led to a successful disposition 7 months after taking over leasing and management. The private equity real estate firm sold the asset to a private investment group generating a significant return for investors.

U.S. Bancorp Tower is an iconic Class A, 42-story office tower in Portland

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US Bancorp Tower lobby prior to renovation, featuring mid-2000s decor with pink marble finishes.

Lobby / Before

Interior of US Bancorp Tower with modern glass and wood finishes.

Lobby / After

A year after U.S. Bancorp gave back 180,000 square feet, the tower was back to 97% leased in a market that typically absorbed 300,000 square feet a year

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Map of Downtown Portland, showing the neighborhoods around US Bancorp Tower.

To appeal to a broad mix of tenants, our repositioning strategy combined polished style with modern amenities. We spent a year renovating the 1.2 million square foot tower and plaza, adding retail amenities, contemporary finishes, a stunning new staircase with glass walkways that improved circulation, and 15,000 rentable square feet of new usable space. We also revamped the outdoor plaza, renovated floor plates to create open, vibrant spaces, and implemented operational updates to allow both dogs and bikes into the building. Our repositioning vision and execution were successful in attracting tech and creative firms like New Relic, Webtrends, and Survey Monkey to the building while retaining many of the existing tenants. Today the tower is home to a broad mix of tenants and market-leading rental rates." data-terms="{"case_study_service":[{"id":45,"name":"Repositioning","slug":"repositioning","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/repositioning\/","meta":{}}],"case_study_region":[{"id":92,"name":"Oregon","slug":"oregon","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":8,"url":"https:\/\/unicoprop.com\/case_study_region\/oregon\/","meta":{}}]}">

U.S. Bancorp Tower Repositioning

Our repositioning strategy to modernize the building and its amenities leads to diverse tenant mix.

Despite the inherent complexities with historic renovations and construction logistics in an urban environment, Unico was able to deliver the $36 million project at $2 million below budget

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An apartment at the Cobb that overlooks Elliott Bay, with a couple talking outside on the balcony.

[btn href="https://unicoprop.com/properties/the-cobb/"]More About the Cobb[/btn]

Committed to ensuring that the significant re-investment would properly position the Cobb for the coming decades, in 2005 Unico embarked on a pioneering vision of converting the property to a high-end rental residence with retail that was fitting of its central location. The redevelopment process was an intricate combination of preservation board guidelines (the building is now listed on National Register of Historic Places) and historic tax credit financing. Despite the inherent complexities with historic renovations and construction logistics in an urban environment, Unico was able to deliver the $36 million project at $2 million below budget while executing on the initial vision of enduring, timeless quality. The units were 100% leased just three months after opening at rents that gapped the market by 20% over the Cobb’s closest competitor. Additionally, the Cobb’s ground-breaking success served as evidence to justify the most recent wave of residential rental projects launched in Seattle’s downtown. Lastly, the retail portion of the building attracted The Capital Grille, an upscale steakhouse for its regional flagship location, and an urban grocer to service neighboring workers and burgeoning downtown residents." data-terms="{"case_study_service":[{"id":4,"name":"Development","slug":"development","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/development\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

The Cobb Building

Despite contending with seismic upgrades and the National Register of Historic Buildings, converting this 1910 medical office to residential apartments came in $2 M under budget.

Working in our favor was the reputation we had built through our previous transactions with Qwest Communications, which merged with CenturyLink in 2010.

[btn href="https://unicoprop.com/case-studies/acquisitions/"]More Deal Sourcing Stories[/btn]

Map of Salt Lake City showing the neighborhoods by CenturyLink Building

Unfazed by the job ahead, Unico approached the seller and was able to secure the investment. Working in our favor was the reputation we had built through our previous transactions with Qwest Communications, which merged with CenturyLink in 2010. The acquisition started off well prior to close, as we struck a lease deal – during due diligence – with the University of Utah to occupy much of the tower vacancy. At the same time, we looked to the data center project as a solution to secure parking while also soliciting offers from land developers who were offering prices in excess of our allocated value. Today, the office tower is on pace to stabilize at a 10% yield on cost with almost full credit tenancy while the data center building is held at $30/sf, or 35% below comparable land sale trades when valued solely for the underlying ground." data-terms="{"case_study_service":[{"id":40,"name":"Acquisitions","slug":"acquisitions","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/acquisitions\/","meta":{}},{"id":33,"name":"Deal Sourcing","slug":"deal-sourcing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":7,"url":"https:\/\/unicoprop.com\/case_study_service\/deal-sourcing\/","meta":{}}],"case_study_region":[{"id":94,"name":"Utah","slug":"utah","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":2,"url":"https:\/\/unicoprop.com\/case_study_region\/utah\/","meta":{}}]}">

CenturyLink Tower against the dusky skyline of Salt Lake City, Utah

CenturyLink Portfolio

Unico had identified Salt Lake City as an undervalued market in the prior investment cycle, yet well located acquisition opportunities remained scarce. We were particularly interested in participating in the tailwinds offered by recent investments made in transit, retail, and…

Located in downtown Denver, Writer Square is a 181,431 mixed-use office, retail, and parking center

Writer Square elevator lobby with polished concrete floor.

In just three years, we achieved a 50% increase in NOI and positioned the asset for a sale that yielded a 1.9x equity multiple.

[btn href="https://unicoprop.com/investors/investment-services/"]Our Investment Services[/btn]

To create a more vibrant building experience, we renovated 10 multi-tenant floor lobbies in addition to the office tower’s main lobby and parking garage. Common areas were refreshed and new planters, awnings and furnishings were installed. To drive retail traffic, we activated the plaza by replacing its park benches with restaurant seating and adopting Larimer Square’s trademark outdoor Tivoli lighting to create a visual extension of the adjacent shopping district. The value our comprehensive repositioning program added to Writer Square was measurable on several fronts. Occupancy grew from 85% to 97%, and our above-market tenant improvement capital drove rental rates on new leases. Office, retail, and parking income supported a 50% increase in NOI.

[btn href="https://unicoprop.com/case-studies/writer-square-acquisition/"]How We Acquired Writer Square[/btn]

Writer Square Repositioning

Despite its excellent location in Denver’s LoDo district, Writer Square’s rental rates were below market and the asset was in need of refreshing. With office vacancy driving an unprecedented level of demand in the submarket, Unico saw an opportunity to…

Located in downtown Denver, Writer Square is a 181,431 mixed-use office, retail and parking center

[btn href="https://unicoprop.com/properties/writer-square/"]Property Information[/btn]

Our off-market roundtrip of Writer Square yielded a 1.9x equity multiple in just three years

[btn href="https://unicoprop.com/case-studies/writer-square-repositioning/"]The Repositioning Story[/btn]

Unico crafted a proactive off-market outreach to the owner that solved their distressed asset problem, contingent on bundling that property with the larger prize of Writer Square. We swiftly structured a deal that encompassed both buildings – solving the seller’s problem while also establishing a favorable cost basis on Writer Square. Three years after purchasing Writer Square, we sourced an off-market buyer who purchased the property at a significant upside." data-terms="{"case_study_service":[{"id":40,"name":"Acquisitions","slug":"acquisitions","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/acquisitions\/","meta":{}}],"case_study_region":[{"id":91,"name":"Colorado","slug":"colorado","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":12,"url":"https:\/\/unicoprop.com\/case_study_region\/colorado\/","meta":{}}]}">

Elevated view of Writer Square plaza, with public seating.

Writer Square Acquisition

An errant lender default notice intended for a different tenant led to an opportunity to acquire a coveted asset. This is the story of the Write Square acquisition.

Learn More About Unico Sustainability

[btn href="https://unicosustainability.com/" target="_blank"]Learn More[/btn]

Stone34

Stone34 is the first commercially developed building, and second building overall, to complete the requirements of City of Seattle’s Living Building Pilot program by surpassing rigorous sustainability benchmarks during a 12-month performance period.

Learn More About Unico Solar Investors

[btn href="http://unicosolarinvestors.com/" target="_blank"]Learn More[/btn]

Harlequin Plaza

Harlequin Plaza demonstrates Unico’s agile capacity for deploying solar on multi-tenant commercial buildings without exposing the property or tenants to risk.

Asa Flats in Portland, with the MAX in the foreground.

The residential portion reached 99% occupancy within a year of opening with the equivalent rents of higher-class product

[btn href="https://unicoprop.com/case-studies/development/"]More Development Stories[/btn]

Map of Downtown Portland, showing the neighborhoods around the Lovejoy Blocks.

[btn href="https://unicoprop.com/properties/the-lovejoy/"]More About the Lovejoy[/btn]

Unico delivered the $125 million, two-block development that featured 231 apartments, 85,000sf of office space, a 45,000sf Safeway grocer, and 20,000sf of street level retail including Bank of America. Foreseeing the changing dynamics in the office real estate market, Unico proactively sought to lock-in occupancy prior to opening, aggressively pursuing tenants who would appreciate the Pearl District’s unique characteristics, while emphasizing the sustainable project elements. For the residential, Unico anticipated that all pending condominium supply would convert to rental competition. As such, in assessing the new market realities, Unico decided to upgrade the finish package to compete with the condominiums-turned-rentals and to target longer term leases. The office portion was quickly 90% leased, having attracted lead tenant Ater Wynne (law firm) from the CBD. Rents were in-line with projections and hindsight proved that the 2007 leases signed were the top of the market; no other development matched The Lovejoy’s leasing success. The residential portion produced even more impressive results, as Asa reached 99% occupancy within a year of opening with market rents that were equivalent to those of larger, more expensive condominiums that had converted. Leasing success was derived from a combination of physical product and a hands-on approach by the onsite management team to create a sense of social community within the project." data-terms="{"case_study_service":[{"id":4,"name":"Development","slug":"development","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/development\/","meta":{}}],"case_study_region":[{"id":92,"name":"Oregon","slug":"oregon","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":8,"url":"https:\/\/unicoprop.com\/case_study_region\/oregon\/","meta":{}}]}">

The Lovejoy consists of three floors of Class A office and retail atop garage parking.

Asa Flats + The Lovejoy Blocks

Leveraging local knowledge, Unico was able to source, off-market, an opportunity to step into a stalled mixed-use development. Within a year of delivery, Unico raised occupancy of the residential portion to 99% and the office portion to 90% attracting major tenants.

Built in 1914, the 42-story Smith Tower is situated in the heart of Pioneer Square

Acting on our vision to elevate the tenant experience at Smith Tower has significantly increased its occupancy, rents, and NOI

[btn href="https://unicoprop.com/investors/investment-services/"]Our Investment Services[/btn]

Map of downtown Seattle that shows the neighborhoods around Smith Tower.

Unico’s repositioning strategy for Smith Tower hinged on more thoughtfully levering the building’s location, historical value and architectural character to appeal to creative and tech tenants. We introduced modern amenities to the historical setting by transforming the 22nd floor into a tenant roof deck and lounge and investing in common areas via the fitness room and on-demand workout studio; showers and lockers; bike garage and repair room. Capitalizing on the building’s age, we provided tenants robust TI packages to build out custom spaces that would be difficult to replicate in non-historic buildings. To drive the revenue of the tourist attraction, we rebranded the observation deck and curated a visitor experience inspired by the building’s prohibition-era roots, complete with a period-inspired general store and historic tour package for visitors.

[btn href="https://unicoprop.com/properties/smith-tower/"]More About Smith Tower[/btn]

Our ability to recognize and then expertly execute on the value-add opportunity at Smith Tower has yielded lucrative results for the asset. Just 60% occupied at closing, Smith Tower is now 96% leased. In 24 months, we were able to move the rental rate from $27.95 to $44 per square foot. The new visitor experience generated more than $2 million in annualized revenue in its first 12 months." data-terms="{"case_study_service":[{"id":45,"name":"Repositioning","slug":"repositioning","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/repositioning\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Smith Tower

Following the failure of an attempted residential condo conversion which led to subsequent ownership by a distressed debt fund without an operator mindset, Smith Tower was suffering from sustained low occupancy with rental rates well below market. Additionally, the asset’s…

Denver, Colo.

Smith Tower

Seattle, Wash.

U.S. Bancorp Tower

Knowing that anchor tenant U.S. Bancorp would eventually downsize, and that the new wave of office demand favored a more activated environment, Unico embarked on a property makeover. Our vision was to reposition the property to attract a more diverse tenant mix, emphasizing technology and creative firms, without alienating the professional firms that defined much of the existing tenant base and had upcoming lease renewals to address. [btn class="lg" href="https://unicoprop.com/case-studies/us-bancorp-tower/"]Read More[/btn]

Portland, Ore.

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US Bancorp Tower at night, as seen from the street with Tivoli lighting.

Repositioning

We excel at leaving properties better than we found them. We believe the best property transformations are those that combine thoughtful, tenant-centered design with innovative capital plans and finely-tuned operations.

225,000 square feet Portland, Ore.

Slate Apartments

Unico began assembling the Slate land parcel in Seattle’s then-unknown Interbay neighborhood in 2004, envisioning the emergence of one of the newest multifamily destinations in the city, even though U.S. Census data indicated just 11 residents per acre in 2010. However, Unico understood that easy access to some of Seattle’s most vibrant neighborhoods, strong transit options, and generous green space were hallmarks of an undiscovered development gem. [btn class="lg" href="https://unicoprop.com/case-studies/slate-apartments-and-lofts/"]Read More[/btn]

236 Units Seattle, Wash.

The Cobb Building

Though well located and architecturally significant, the Cobb Building had become functionally obsolete and required a substantial makeover in order to stay competitive in the downtown Seattle landscape, and the necessary seismic upgrades were so pervasive that they required looking at the building anew, while the architectural and historic details were thought to be better appreciated by residents than businesses. [btn class="lg" href="https://unicoprop.com/case-studies/the-cobb-building/"]Read More[/btn]

91 Units Seattle, Wash.

Lovejoy Blocks

Leveraging its local knowledge, Unico was able to source, off-market, an opportunity to step into a stalled development. However, between project initiation and delivery in Q4 of 2008, the economy fell into recession and the real estate market plummeted. [btn class="lg" href="https://unicoprop.com/case-studies/asa-flats-the-lovejoy/"]Read More[/btn]

83,639 square feet Portland, Ore.

Allenmore C

MultiCare Health System, a leading regional health organization, needed to expand its Allenmore Hospital campus to meet increasing demand while continuing to offer the degree of highly specialized service for which they were known. The hospital wanted the flexibility of consolidated campus ownership in order to meet the changing market needs while also maintaining a more liquid balance sheet. [btn class="lg" href="https://unicoprop.com/case-studies/allenmore-c/"]Read More[/btn]

Tacoma, Wash.

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Development

Unico has a rich history of development that includes some of the most noteworthy high-rise office buildings in downtown Seattle and other high-performing buildings throughout the western U.S.

Unico Sustainability is a division of Unico Properties focused on creating experiences that enhance human health and productivity, protect the natural environment, and increase economic returns for our partners. We do this by deploying a sophisticated palette of development and operating solutions for new construction, major renovation, and existing building projects across a variety of building uses and typologies.

Boulder Brands

As an industry leader in healthy foods, Boulder Brands wanted to create a corporate office that reflected its commitment to healthy and sustainable living. The result was a partnership with Unico that delivered a space designed to maximize human wellness and productivity by incorporating abundant natural light and views of Boulder’s iconic Flatiron Mountains, reducing artificial light by 45%, using only low-emitting carpet, paint, and furniture to improve indoor air quality, providing community space for cooking and socializing, and creating a zero-waste office for recycling and composting consumable goods.

Commercial Interior Boulder, Colo.

Bullitt Center

Perched atop Seattle’s Capitol Hill neighborhood, the Bullitt Center sits as arguably the most sustainable commercial building in the world touting achievements of net-zero energy, net-zero water, and zero toxic Red List materials. As the property manager for the Bullitt Foundation, Unico oversees day-to-day performance of the building which included the 12-month performance period required to earn Living Building Certification from the International Living Future Institute. [btn class="lg" href="http://bullittcenter.org/"]Visit the Website[/btn]

44,800 SQUARE FEET sEATTLE, wASH.

The Commons at Ballard

Healthy and sustainable living at its finest, The Commons at Ballard was named Green Development of the Year by Multifamily Executive in 2017 earning a spot as one of the nation’s most sustainable buildings. Unico provided our sustainable development services to incorporate many of our signature concepts, such as abundant natural light and views, low-emitting materials, infill restoration with native vegetation, rainwater harvesting for irrigation, and solar energy to provide supplemental power – all of which helped the mixed-use project earn a distinguished LEED Platinum certification. [btn class="lg" href="http://commonsatballard.com/"]Project Website[/btn]

160,000 square feet Seattle, Wash.

Circa Building

Unico’s first ground-up office development in Denver boasts a LEED Platinum certification and offers tenants a world-class experience with a proliferation of natural light, enhanced thermal envelope and HVAC systems, beyond-code air filtration, low-emitting materials, and a featured staircase – all of which contribute to a healthy, active, and productive workplace. The project is also a showcase in resource conservation with low-flow water fixtures, electric vehicle charging, and a solar energy system on the roof. [btn class="lg" href="https://thecircabuilding.com/"]Learn More About Circa[/btn]

A realistic rendering of 1615 Platte which is currently under construction. A 90,000 square feet, mixed-use development project.

96,000 SQUARE FEET Denver, Colo.

Harlequin Plaza

Faced with increasing and volatile electricity prices in Denver, the solar energy project at Harlequin Plaza demonstrates Unico’s creativity to mitigate financial exposure by creating a fixed power purchase agreement to supply the building with low-cost, clean power for the next 20 years. [btn class="lg" href="https://unicoprop.com/case-studies/harlequin-plaza/"]Read More[/btn]

327,900 square feet Denver, Colo.

Russell Investments Center

Formerly WaMu Center prior to the financial crisis, Unico repositioned this Seattle high-rise with a LEED Platinum certification that helped attract notable tenants like the building’s new namesake Russell Investments, Boeing, Zillow, Nordstrom, and DocuSign, among others. During the repositioning, Unico improved the building’s energy efficiency by 58% and delivered and ENERGY STAR score of 100. The project also resulted in a 40% reduction in water usage and was able to divert 83% of all waste from landfill in what was then Washington’s largest Platinum-certified building.

1,248,047 square feet Seattle, Wash.

Stone34

Stone34, headquarters for Brooks Sports, completed the requirements of the City of Seattle’s Deep Green Pilot Program (now the Living Building Pilot Program) by surpassing rigorous performance standards for energy, water, and stormwater. The project is a case study in sustainable development and operations demonstrating how privately-owned buildings can deploy advanced design and technology without sacrificing industry-required returns. [btn class="lg" href="https://unicoprop.com/case-studies/stone34/"]Read More[/btn]

132,923 square feet Seattle, Wash.

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Sustainability

Our acquisitions team works closely with our in-market personnel to pursue deals outside of the traditional channels of commodity offerings

[btn href="https://unicoprop.com/case-studies/acquisitions/"]More Acquisitions Stories[/btn]

Belleview Tower lobby with marble and wood finishes.

Illustrating our proven capacity to work with multiple parties and achieve results, we led both lender and borrower to a fee simple sale. We took occupancy from 59% to 95% in just two years — well ahead of our 3½-year leasing pro forma. Our ability to work through the truncated and complex closing enabled us to access an investment which stabilized to a 10.2% cap rate.

[btn href="https://unicoprop.com/properties/belleview-tower/"]More About Belleview Tower[/btn]

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Belleview Tower

Best-in-class execution beats proforma in this commercial real estate investment case study about a Class A office acquisition in Denver.

Our acquisitions team works closely with our in-market personnel to pursue deals outside of the traditional channels of commodity offerings.

[btn href="https://unicoprop.com/case-studies/acquisitions/"]More Acquisitions Stories[/btn]

The Lincoln Building in Portland, Oregon.

While under contract to acquire the property, Unico sourced a government credit tenant to lease 100,000 square feet, bringing the building to 70% occupancy prior to closing – thereby realizing much of the upside and squeezing risk out of the deal at the onset. The timing stipulations were so expedited for this tenant-in-tow that Unico had to skillfully negotiate space requirements with the seller while not giving away its proposed new tenancy. Once acquired, Unico successfully renovated the building to attract more tenants, while also completing a seismic upgrade. Unico leased the remaining vacancy to five additional tenants during a period when Qwest downsized its space further, thereby outperforming its underwritten stabilized occupancy level and producing a 19% IRR over a 9-year period." data-terms="{"case_study_service":[{"id":33,"name":"Deal Sourcing","slug":"deal-sourcing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":7,"url":"https:\/\/unicoprop.com\/case_study_service\/deal-sourcing\/","meta":{}},{"id":59,"name":"Leasing","slug":"leasing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":1,"url":"https:\/\/unicoprop.com\/case_study_service\/leasing\/","meta":{}}],"case_study_region":[{"id":92,"name":"Oregon","slug":"oregon","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":8,"url":"https:\/\/unicoprop.com\/case_study_region\/oregon\/","meta":{}}]}">

The Lincoln Building

Market familiarity in the Portland CBD enables us to combine an off-market purchase with a tenant-in-tow.

Unico worked with leadership at MultiCare to solve their overall campus expansion requirements.

[btn href="https://unicoprop.com/case-studies/development/"]More Development Stories[/btn]

Realizing that purchasing existing on-campus assets would prove both challenging and prohibitively expensive, MultiCare set out to find a partner who could help them acquire a third-party owned medical office building while also developing a new medical office building to accommodate programmatic expansion. Unico worked with leadership at MultiCare to solve their overall campus expansion requirements while understanding what unique attributes the new health care facility needed given current and potential uses. We successfully developed a new LEED-Silver medical office from the ground up, always with an eye towards the patient end-user and overall customer service experience. Delivered on time and under budget, the project was fully leased at completion and met the needs of MultiCare leadership as well as individual physicians. The investment delivered a 27% levered IRR." data-terms="{"case_study_service":[{"id":4,"name":"Development","slug":"development","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/development\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Allenmore C

Unico worked with leadership at MultiCare to solve their overall campus expansion requirements while understanding what unique attributes the new health care facility needed given current and potential uses.

1915 Terry is a 251,095 square foot office building in Seattle, Washington

[btn href="https://unicoprop.com/properties/"]More About Our Portfolio[/btn]

[caption id="attachment_6798" align="aligncenter" width="1151"]

Exterior photograph of 1915 Terry building in downtown Seattle. Unico, a private equity real estate investment firm, acquired the property in 2006 and successfully sold it 2 years later producing significant returns for its investors.[/caption]

Unico was able to sell the building without investing additional capital, producing a significant return

[btn href="https://unicoprop.com/case-studies/acquisitions/"]More Deal Sourcing Stories[/btn]

To attract a tenant to the project, Unico had to plan a major building renovation and reposition of the asset within the local leasing market. Unico approached value creation in two ways: 1) leasing the space to office tenants and 2) working with a condominium developer to secure entitlements for a residential use conversion (the building’s price worked as land value for residential condominiums at that time). As condominium entitlements were being secured, Unico identified an office tenant for which this location had strategic value. Within less than a year, the identified user purchased the building for 2.4x what Unico paid. Because of the short time period involved, Unico structured a tax-efficient sale so the partnership could realize long-term capital gains. Without putting in any additional capital, Unico was able to sell the building, which had been acquired for $60 psf, just one year later to the targeted tenant/user for $143 psf. This successful transaction produced a significant return for Unico’s investors; specifically a 149% levered IRR and 3.0x equity multiple. Unico’s ability to execute such a lucrative transaction was the direct result of its long-standing relationship with the seller, tenant, and in-depth local market leasing knowledge.

1915 Terry

Unico was able to sell 1915 Terry, a downtown Seattle building acquired off-market, without investing additional capital, producing a significant return to investors: specifically a 149% levered IRR and 3.0x equity multiple.

In less than two years, the 7% leased and single-purpose building was transformed into a 94% leased, multi-tenant office tower

[btn href="https://unicoprop.com/case-studies/repositioning/"]More Repositioning Stories[/btn]

Aerial of Russell Investment Center in Seattle

Unico worked with NWML to value the asset, structure the deal, and quickly execute the transaction. Once the purchase had closed, Unico instituted a full-scale rebranding of the building and successfully reintroduced the asset to the market as multi-tenant, Class-A office space. In addition to the rebranding, major capital improvements were implemented, including a complete lobby renovation, elevator reconfiguration, conversion of a cafeteria to office space, reopening of the 23,000-square-foot rooftop deck, and remodeling floors for multi-tenant occupancy. The complex condominium structure was worked through with each party to come to a beneficial solution for the new owner. In less than 24 months, during a very challenging economic environment, the 7%-leased, single-purpose building was converted into a 94% leased, premier multi-tenant office tower. The building signed leases totaling 760,000 square feet to blue-chip tenants including Boeing, Dendreon, JPMorgan Chase, Nordstrom, Russell Investments, and Zillow. The asset has won multiple awards based on Unico’s management expertise for marketing, capital improvements, and sustainability accomplishments. NWML acquired the building for $115 million ($132 psf), and in January 2012 put the building back on the market and just four months later it sold for $480 million, $365 million more than it had been purchased for just 30 months prior." data-terms="{"case_study_service":[{"id":61,"name":"Asset Management","slug":"asset-management","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":4,"url":"https:\/\/unicoprop.com\/case_study_service\/asset-management\/","meta":{}},{"id":45,"name":"Repositioning","slug":"repositioning","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/repositioning\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Russell Investments Center

Unico took a 7% leased and single-purpose building and transformed it into a 94% leased, multi-tenant office tower in less than two years resulting in a head-turning, blockbuster disposition.

Unico understood that easy access to some of Seattle’s most vibrant neighborhoods, strong transit options, and generous green space were hallmarks of an undiscovered development gem

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The common room at Slate Apartments, with mid-century modern furniture.

An apartment at Slate, with modern finishes and wood accents.

Knowing that a strong brand is critical to success, Unico leveraged an opportune market cycle and partnered with BlackRock, the world’s largest asset manager, to develop a unique urban apartment community. Tapping into the needs of active Generation-Y renters looking for larger apartments and lifestyle amenities, Unico embarked on a full branding and marketing campaign that captured the notion that at Slate you can “Live Life. Your Way.” Unico also secured financing and a construction contract at the beginning of the recent economic recovery, ensuring a favorable cost basis in which to compete with more established neighborhoods. Unico delivered the 236-unit project —which features 5,500 sf of ground-level retail and a market-leading amenity package—multiple weeks ahead of schedule and substantially under budget. Multiple parties expressed interest in a pre-sale opportunity for the development; due to apartment market supply considerations, Unico sold the property to LaSalle Investment Management for over $68 million—nearly $300k a door—and realized an 80%+ IRR. The project has been recognized as a key driver in the evolution of the Interbay neighborhood, an area that Expedia recently selected as home for its new corporate headquarters." data-terms="{"case_study_service":[{"id":4,"name":"Development","slug":"development","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":6,"url":"https:\/\/unicoprop.com\/case_study_service\/development\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

Slate Apartments and Lofts

Unico understood that easy access to some of Seattle’s most vibrant neighborhoods, strong transit options, and generous green space were hallmarks of an undiscovered development gem.

Aerial view of Boulder showing the Pearl East and Tierra Center business campuses.

Our acquisitions team works closely with our in-market personnel to pursue deals outside of the traditional channels of commodity offerings.

[btn href="https://unicoprop.com/case-studies/acquisitions/"]More Acquisition Stories[/btn]

If we could control a large enough base of the inventory and see other like-minded investors enter the market, we could fundamentally alter the submarket rental rate structure. But to access the 1.1 million square feet in Boulder, we needed to also acquire the seller’s 500,000 square foot portfolio in Fort Collins, which was not a target geography for us. Drawing upon our network of private-investor relationships, we found a buyer group that would take the Fort Collins portfolio at closing so that our institutional fund would avoid exposure to a tertiary submarket. Our acquisition of the remaining 1.1 million square foot off-market acquisition Boulder portfolio (later awarded BizWest’s Commercial Real Estate “Deal of the Year”) allowed us to become one of the largest landlords in the city, where we have since risen rental rates by over 60% and realized a 2.0x multiple on the exited components." data-terms="{"case_study_service":[{"id":33,"name":"Deal Sourcing","slug":"deal-sourcing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":7,"url":"https:\/\/unicoprop.com\/case_study_service\/deal-sourcing\/","meta":{}}],"case_study_region":[{"id":91,"name":"Colorado","slug":"colorado","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":12,"url":"https:\/\/unicoprop.com\/case_study_region\/colorado\/","meta":{}}]}">

East Boulder Portfolio

Some of our best transactions have taken, quite literally, years to mature.

701 Dexter was acquired off-market—just like 75% of our other acquisitions.

[btn href="https://unicoprop.com/case-studies/acquisitions/"]How we source deals[/btn]

701 Dexter sits prominently on the corner of the block in the Lake Union neighborhood

We were interested in their asset’s South Lake Union location and repositioning potential (which was enriched by a recent up-zone). Over the course of a six-month negotiation, we were able to collaborate with the owners to structure an off-market installment sale that addressed their tax concerns and avoided loan prepayment while also enhancing our IRR via deferral of equity payments. Our inclination and commitment to resolving the sellers’ roadblocks made it possible for us to purchase the property for $221 per square foot, a significant discount to average submarket trades in excess of $500 per square foot at the time." data-terms="{"case_study_service":[{"id":33,"name":"Deal Sourcing","slug":"deal-sourcing","group":0,"taxonomy":{"name":"case_study_service","label":"Case Study Services","singular_label":"Case Study Service","meta":{}},"description":"","parent_id":0,"count":7,"url":"https:\/\/unicoprop.com\/case_study_service\/deal-sourcing\/","meta":{}}],"case_study_region":[{"id":90,"name":"Washington","slug":"washington","group":0,"taxonomy":{"name":"case_study_region","label":"Case Study Regions","singular_label":"Case Study Region","meta":{}},"description":"","parent_id":0,"count":19,"url":"https:\/\/unicoprop.com\/case_study_region\/washington\/","meta":{}}]}">

701 Dexter

Our experience has shown that successfully working through intricate deals in one setting often leads to opportunities in new settings, as brokers representing owners with complex objectives feel confident in bringing us to the table.

179,271 square feet Denver, Colo. - LoDo

701 Dexter

Our reputation for successfully working through complex deals in one setting often opens opportunities in new settings, as brokers representing owners with complex objectives feel confident in bringing Unico to the table. Fresh off the successful closings of a leasehold interest in need of restructuring and a nearby 180,000 Class B user-building that was being vacated, a brokerage team took notice and approached us about helping a client of theirs who was internally debating an exit but was mindful of tax implications. We were interested in their asset’s South Lake Union location and repositioning potential (which was enriched by a recent up-zone). [btn href="https://unicoprop.com/case-studies/701-dexter/"]Read More[/btn]

63,016 square feet Seattle, Wash. – South Lake Union

East Boulder Portfolio

Some of our best transactions have taken, quite literally, years to mature. Our acquisitions team established a relationship with the largest office owner in Boulder with whom we discussed acquisition structures on a varying mix of his portfolio. After two years of conversations, we uncovered some of the owner’s motivations to retain employment for his team, keep some of his sale liquidity working at higher interest, and offload a portfolio in another city. [btn href="https://unicoprop.com/case-studies/east-boulder-portfolio/"]Read More[/btn]

1.1 million square feet Boulder, Colorado

RiverTec

We are steadfast believers in the power of strong locations and how the marriage of submarket fundamentals with appropriately designed product can consistently outperform over time. Unico’s local team had long coveted the RiverTec Building, a perfectly executed historic rehab with easy leasing and low capital requirements. The ownership group, with whom Unico had developed a relationship via a prior transaction, were interested in diversifying their holding without diluting the quality – and in finding a way to transition operation and create partnership flexibility over time. That said, they had a low tax basis that made an asset sale infeasible. Unico had structured its Boutique Office Portfolio with this very circumstance in mind. The owners were able to access a broader commingled pool of like-kind stable assets in “tony” locations without triggering tax by contributing their asset; while Unico was able to offer its BOP investors an off-market route to an irreplaceable and otherwise inaccessible asset.

110,000 square feet Portland, OR – Pearl District

Pearl Street Portfolio

Boulder, Colorado has been described as “ten square miles surrounded by reality” due its idyllic setting, uncommon wealth, and enviable job creation environment. The heart of Boulder is the Pearl Street Mall, which is its pedestrian mixed-use epicenter. When we became aware that a $91 million portfolio opportunity could be emerging in one of the lightest traded submarkets in the country, we jumped at the chance. The prior owner’s evolving requirements were turning away any and all other potential investors, but Unico saw this as opportunity. A three month process uncovered the need to address tax matters; to acquire entities; to enable the owner to participate in future upside; and to work through an underperforming rent roll. By creatively working through dozens of deal structure iterations, we were able to unlock the investment value of the underlying real estate to produce a 3.2x multiple and 24% IRR.

Aerial view of downtown Boulder and the Rocky Mountains, with Pearl Street Mall and the CU Boulder campus visible.

356,067 square feet Boulder, Colo. – Pearl Street Mall

CenturyLink Portfolio

Unico had identified Salt Lake City as an undervalued market in the prior investment cycle, yet well located acquisition opportunities remainder scarce. We were particularly interested in participating in the tailwinds offered by the CBD recent investments made in transit, retail, and residential that were creating an urbanization trend clearly playing out elsewhere in the country. The tricks to this complex user-sale were in working through terms for the seller’s leaseback of about 40% of the tower building; in sifting digesting incomplete and oftentimes inaccurate information provided by a non-investor seller; in de-risking the lease-up; in solving an under-parked ratio; and in identifying multiple execution paths for the soon-to-be-vacated data center property. [btn href="https://unicoprop.com/case-studies/centurylink-portfolio/"]Read More[/btn]

CenturyLink Tower is a prominent 16-story office building in the CBD of Salt Lake City, Utah.

722,000 square feet Salt Lake City, UT - CBD

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The “off-market access” claim is overused in the industry, so we invite you to see how pervasively we back this up.