(According to public records, the building sold for $164.5 million, or about $779 per square foot. The buyer is a limited liability company affiliated with Invesco and LPC West.)
SEATTLE – Partners Group, a leading global private markets firm, acting on behalf of its clients, and private equity real estate investment firm Unico Properties LLC, announced the sale of Cascadian, their 211,066-square-foot creative office / life science development in South Lake Union’s historic Cascade neighborhood for an undisclosed price. The buyer will convert the building into a fully dedicated, life sciences facility.
With Sellen Construction as the project’s General Contractor, the highly sustainable, speculative development is certified Salmon-Safe, is pre-certified LEED(r) Platinum (Core + Shell) and was delivered on-time and on-budget in August of this year. The sale reflects Unico’s recognition of the strong, long-term outlook for life sciences in the Puget Sound region’s market and was an intentional shift in its strategy to meet the needs of the thriving life science office and lab space market.
“The sale of Cascadian reflects both the strength of the diverse, broader, office market in the Puget Sound region and the fact that the Puget Sound has truly established itself as a top-tier life science and research location,” said Andrew Cox, Unico Properties Senior Vice President and Regional Director.
The development was designed to appeal to traditional office tenancy and to be readily available for conversion to life science. Located at 330 Yale Avenue North in the heart of Seattle’s thriving Cascade neighborhood, Perkins + Will served as the architect. Chris Angus, Unico Properties Vice President, Construction and Design said the project required exceptional collaboration to ensure on-time and on-budget delivery, particularly in the current construction environment.
“While building in a congested site such as this always presents difficulties, the team was further challenged by the pandemic and its fallout,” Angus said. “Perkins + Will and the consultants consistently found ways to build flexibility and adaptability into the design and Sellen and their subcontractors found innovative solutions in executing that vision.”
Cascadian project highlights:
Exceptional, 7,300-square-foot, green rooftop terrace offers tenants protected views of Lake Union, Space Needle, Olympic Mountains, and the downtown skyline while providing space for collaboration and ideation.
Immediate access to the I-5 and direct connections to Metro and Sound Transit Express routes provides easy access to the building.
Elegant, clean, and modern design that incorporates and reflects the hillside neighborhood.
Unrivaled sustainability features including Salmon-Safe certification, LEED(r) Platinum pre-certification, ample green spaces at street-level and outdoor spaces, and 92 kW solar energy system which will offset 8% of the total energy use of the proposed building design.
The sale was brokered on behalf of Unico Properties by Kevin Shannon and Nick Kucha of Newmark Knight Frank.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 150 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With over USD 119 billion in assets under management as of 30 June 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).
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 18 million square feet of commercial properties across the United States and continues to grow.