(EDITOR’S NOTE: The pricing, which comes to just over $661 per square foot, was confirmed by the buyer. The seller was Nuveen Real Estate, which purchased the asset in in 2011 for $119.4 million.)
Diverse tenants, transit-rich location in the heart of Seattle’s high-street retail among highlights of the investment
Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced that it has purchased Westlake Tower, a Class-A high-rise in Seattle’s central business district (CBD). The acquisition consists of the 365,674-square-foot, 25-story office tower portion of Westlake Center, and it is 95% leased to a diverse roster of tenants. Westlake Tower was acquired as part of the private equity real estate investor’s core plus investment fund.
“Westlake Tower is uniquely positioned to participate in the future growth of Seattle by virtue of its phenomenal location, unrivaled connectivity, and broad tenant appeal,” said Unico Senior Vice President and Regional Director Andrew Cox. “A desirable high-rise experience in a recently repositioned tower with enviable views and unmatched retail amenities, combined with what is arguably the most transit-rich location in all of the CBD, are just a few of the many highlights of this investment.”
Westlake Tower is situated in the epicenter of downtown Seattle—boasting exceptional views, retail amenities, and access to mass transit—a 50-yard-line location at the nexus of Seattle’s CBD and South Lake Union’s technology hub. It is above Westlake Center, one of two enclosed retail centers in the heart of Seattle’s high-street retail, adjacent to Nordstrom’s flagship location and downtown Seattle’s retail corridor. The building enjoys an abundance of natural light and protected panoramic views of the Seattle skyline, Puget Sound, and the Olympic Mountains. Tenants and visitors alike enjoy direct pedestrian access to Westlake Park, one of Seattle’s few activated and heavily programmed vibrant urban parks.
Situated directly on Westlake Station, Westlake Tower’s unrivaled connectivity to mass transit includes direct subterranean access to the Link light rail system and Metro bus lines, on-site access to the Seattle Center Monorail, and pedestrian access to the South Lake Union Street Car Station. Westlake Station is part of Sound Transit’s growing regional transportation network that connects downtown Seattle with the rest of the Puget Sound including downtown Bellevue and eventually the downtowns of Tacoma, Redmond, Issaquah, and Lynnwood. The $54 billion transit project will deliver 62 miles of new light rail connections in addition to the nearly 20 miles currently in use and the 30 miles in construction or in final design.
Developed in 1988 as part of the Westlake Center mixed-use development, Westlake Tower has received extensive renovations totaling $34 million in recent capital investments enhancing the property’s position in the market. Capital investments included upgrades to the lobby and common areas, new building systems, and $14.6 million in tenant improvements. The building consists of 22 floors of office, a glass-enclosed penthouse, and two levels of subterranean parking with 251 stalls.
Major tenants in the building include KPFF, WeWork, Edelman, and the Seattle Foundation.
Tom Pehl, Todd Tydlaska, Lou Senini, and Chais Lowell from CBRE Capital Markets Office West represented the sellers. Acquisition financing was arranged by Brad Zampa, Michael Walker, and Megan Woodring, also from CBRE.
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.