Home Industry News Unico Properties Sells 701 Dexter in South Lake Union for $33.5MM

Unico Properties Sells 701 Dexter in South Lake Union for $33.5MM

Seattle, Unico Properties, Alexandria Real Estate Equities, 701 Dexter, South Lake Union, Roy Street, Facebook, Allen Institute
Image courtesy of Unico Properties

(EDITOR’S NOTE: Unico sold 701 Dexter for $33.5 million, or approximately $571 per square foot, to Alexandria Real Estate Equities. Managing Director Lori Hill led JLL’s Capital Market team on the sale on behalf of Unico).

SEATTLE (July 23, 2018) — Unico Properties LLC, a real estate investment and operating company, announced that it has sold 701 Dexter, a six-story office tower atop a 27,127 square foot parcel of land in South Lake Union, Seattle’s top performing submarket. Unico acquired the property off-market in 2015 in the midst of surging development and leasing activity in the surrounding area.

701 Dexter is a 58,681 square foot, six-story Class B office tower located at the intersection of Roy Street and Dexter Avenue. Situated at the nexus of Amazon’s global headquarters, Facebook’s Seattle headquarters, the Bill & Melinda Gates Foundation and the Allen Institute for Brain Science’s headquarters, this intersection has become a major destination for prominent technology and biotech companies seeking 24-hour, urban locations.

“Unico’s investment in 701 Dexter came at a pivotal time for growth in South Lake Union,” said Vice President of Asset Management Scott Brucker. “Our investment was geared around the continued improvement in the Dexter Corridor and the exciting leasing and development activity in the surrounding neighborhood, including Facebook’s relocation to 1101 Dexter Avenue, delivery of thousands of new residential units to the area, and the opening of the Allen Institute for Brain Science.” Brucker continued, “Three years later, our expectations have been met as South Lake Union continues to be one of the most dynamic submarkets in the country with at least 17 cranes visible in the skyline.”

Today, Unico made another noteworthy transaction with the purchase of a full-block, Class A portfolio in Seattle’s Central Business District. Encompassing the 1100 block of 2nd Avenue and totaling 705,868 square feet, the property consists of adjoining assets: 1111 Third, a 33-story tower with 565,883 square feet of traditional office space, and the adjacent 2nd & Spring, a five-story historic creative office building totaling 139,985 square feet.

About Unico Properties LLC
Unico Properties is a private real estate firm offering investment, development, management, and sustainability services in emerging markets across the U.S. Founded in 1953, Unico creates 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. For more information about Unico, please visit the firm’s website at www.unicoprop.com.