In a Joint Venture, Unico Properties LLC and an Institutional Investment Fund Acquire 323,562-Sq-Ft Civica Office Commons in Downtown Bellevue; Partnership Plans to Further Enhance Premier Office Building, Spotlighting Class-A+ Tenant Experience
SEATTLE, Wash. (November 15, 2016) – In a joint venture with an institutional investment fund, Unico Properties LLC, a real estate investment and operating company, has announced that it has purchased Civica Office Commons (Civica), a 323,562-square-foot, Class-A office building in the Central Business District (CBD) of Bellevue, Wash. Civica is 97 percent leased to a diverse roster of finance, wealth management, technology and traditional service tenants.
Located along 108th between Northeast 2nd and 4th, Civica is in the heart of downtown Bellevue, adjacent to the city’s retail core and Bellevue Square. It is comprised of two Class-A, mid-rise office buildings connected by an expansive 45-foot glass enclosed lobby that offers a striking office arrival experience. The two integrated buildings are six-and-eight-stories respectively. On-site tenant amenities include concierge service, the famed Seastar restaurant, Starbucks, a Wells Fargo bank branch, hotel-style valet parking, a fitness center with lockers and towel service, a beautiful and inviting Great Room lobby, bike storage and state-of-the-art conference facilities.
The partnership will invest in capital upgrades to further enhance and refresh the trophy asset, and shine a spotlight on a Class-A+ tenant experience.
“Civica was a trend-setting building in Bellevue when it debuted in 2001 and still stands as a premier office property on the Eastside, serving as a preferred location for an exceptionally high-quality collection of office tenants. Our goal is to enhance Civica’s already significant reputation in the market by delivering our best-in-class ownership and management approach, which prioritizes customer service and attention to the needs of our tenants,” said Andrew Cox, Unico Properties Vice President and Regional Director.
Civica offers excellent access to I-405 and I-90 and it’s within walking distance to Bellevue Square and Lincoln Square I. Additionally, the property is located less than two blocks from the Bellevue Transit Center and its upcoming connection to the East Link Light Rail.
“We have a fundamental belief in the high-performing Eastside submarket and believe it to be primed for continued growth. As top-tier local and national companies continue to choose to locate and grow their businesses in Bellevue, we are pleased to invest in this area’s growth and development,” added Cox.
Built in 2001, Civica has a five-and-a-half level subterranean parking garage, offering an above-market parking ratio of approximately 3:1,000 square feet. The building’s 23,000-square-foot floor plates are virtually column free and have a central core, allowing for highly flexible and efficient tenant configurations. Civica’s approximately 12-foot ceiling heights appeal to both creative and high-end traditional service firms. Unico and its partner purchased Civic from Hines. In addition to ownership, Unico will provide on-site property management at Civica. Prior to Unico and its partner’s acquisition, the building had been purchased first by Investcorp, then by Brickman and then by Hines since 2005.
“We look forward to bringing the focus of a long-term owner, our local knowledge, and our first class, on-site management team to further enhance the appeal of this Bellevue gem in our own backyard,” said Cox.
About Unico Properties LLC
Unico Properties LLC is a real estate investor and full-service operator, focused on office and multifamily assets in the Western United States. For nearly 60 years its investors and partners have relied on Unico for its local knowledge, institutional rigor, and boutique service, which consistently deliver results.
Founded in 1953, Unico is headquartered in Seattle, Wash. Unico is a proven operating partner. With more than 18 million square feet of LEED-certified properties, the company is a leader in sustainable best practices, developing and managing some of the world’s highest performing green buildings, including the Bullitt Center in Seattle, Wash., and transforming the built environment. For more information about Unico, please visit the firm’s website at www.unicoprop.com.