Opportunity Zone investment firm is bringing creative office solutions to the emerging market
SEATTLE – Seattle-based Opportunity Zone investment management firm Pinnacle Partners, in partnership with Unico Properties, announced today plans for Washington Park, an adaptive re-use office building on the waterfront in Seattle’s Pioneer Square neighborhood.
“We truly believe in long-term office solutions for the current market. People are coming back to work downtown, and Washington Park will provide an exciting new way for tenants and their employees to move into market-ready Class A space across from the $1 billion improved Seattle waterfront,” said Pinnacle Partners Founder and Managing Partner Leo Backer.
To differentiate Washington Park and to best meet market demand, Washington Park has aggressively focused on the mind-set of the company(s) that are likely to ultimately lease the project. The project will be completed with move-in ready spaces that will minimize the time and cost a tenant would otherwise expect. The 20’ floor-to-floor heights that once housed printing presses are being transformed into modern Class A office space, designed to maximize views of the Puget Sound and to meet the technical needs and lease term flexibility required by office users today. The building has 52,208 square feet of rentable space along with 2,000 square feet of street-level retail, a penthouse and a rooftop deck.
“We have intentionally put ourselves in the shoes of potential tenants and focus on removing as many obstacles as possible for a company to make Washington Park the place they call home,” said Unico Properties Senior Vice President and Market Leader Andrew Cox. “High ceilings, abundant natural light, brick and timber historic construction, tall and operable windows, and unobstructed views of the new waterfront and Puget Sound make Washington Park a truly exceptional opportunity for companies looking for a differentiated experience.”
Washington Park has been fully capitalized through Opportunity Zone funds, and construction commenced last quarter.
“Our combined teams have focused on Opportunity Zone investing for this project because OZ funding is ideal for doing something atypical,” said Unico Properties Chief Investment Officer Ned Carner. “We chose Pioneer Square because it holds a lot of advantages including being a high-tech area with high net-worth investors willing to put money into this project.”
Washington Park is a historic building situated directly south of the Central Business District and north of the Stadium District and provides immediate pedestrian access to numerous public transit options and urban amenities. Project completion is aimed for Q2 of 2023.
About Pinnacle Partners
Pinnacle Partners has been an early mover and leader in Opportunity Zone real estate investing. The firm and its subsidiaries have invested more than $130 million in OZ equity across nine projects that consist of approximately 1300 multifamily units, and two historic adaptive re-use office buildings.
Pinnacle Partners seeks best-in-class partners with track records of delivering and operating successful projects.
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.