The highly sustainable project will boast nine stories of open, flexible office space topped with rooftop gathering space offering protected views of Lake Union, Olympic Mountains, and downtown skyline
SEATTLE (January 6, 2020) — Partners Group, the global private markets investment manager, on behalf of its clients, and private equity real estate investment firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, formally announced Cascadian, their nine-story, 211,066-square-foot creative office development in South Lake Union’s historic Cascade neighborhood. Expected to deliver in early 2021, Cascadian has been certified Salmon-Safe and is pre-certified LEED® Platinum (Core + Shell). Additional partners include Sellen (general contractor), Perkins + Will (architect), and Bank OZK (lender).
“Cascadian will be completed in early summer 2021 and was designed for a tenant that is looking to stake a claim in the Cascade Neighborhood of South Lake Union,” said Andrew Cox, Unico Senior Vice President and Regional Director.
“We are strong believers in Seattle and South Lake Union is one of the premier urban live-work-play neighborhoods in the United States,” said Marcus Day, Partners Group’s Senior Vice President, Private Real Estate Americas. “This opportunity fits well with Partners Group’s investment thesis to acquire and develop extremely well-located properties which are surrounded by abundant transit options and amenities.”
Located on 330 Yale Avenue North in the heart of Seattle’s thriving Cascade neighborhood, Cascadian has all the benefits of a South Lake Union address—excellent transit options, close proximity to the Central Business District and Seattle’s premier neighborhoods, and a wealth of restaurants, bars, and retail. Once complete, Cascadian building will define the Cascade neighborhood through its elegant design and highly visible location at the intersection of the downtown core and Capitol Hill.
“This is a prime opportunity for a company to make a statement—and define the neighborhood—in a highly visible building seen by tens of thousands of commuters each day,” said Liz Thorson, Unico Director and Market Leader.
Partners Group’s Vice President of Asset Management, Private Real Estate Americas, Ross Gammill, added: “We are very pleased to expand our relationship with Unico and offer Partners Group’s operational expertise to this best-in-class development project. South Lake Union is one of the country’s most dynamic investment markets and we are excited to add another prime development to our U.S. real estate portfolio.”
This is the second investment Partners Group has made, on behalf of its clients, with Unico in Greater Seattle this month. On Dec. 19, the firms also announced their partnership to acquire Bellevue Connection, a 227,811-square-foot mixed use building in Bellevue, Washington.
Cascadian project highlights:
· Exceptional 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.
· Unrivalled sustainability features including Salmon-Safe certification, LEED® 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.
For more information about Cascadian, please visit https://unicoprop.com/cascadian.
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. For more information about Unico, please visit the firm’s website at https://unicoprop.com/.
About Partners Group
Partners Group is a global private markets investment management firm with USD 91 billion in investment programs under management in private equity, private real estate, private infrastructure, and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, Toronto, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 1,300 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.