160,164-square-foot historic landmark joins Unico’s portfolio of owned and managed assets in the Waterfront now totaling over 1 million square feet
SEATTLE (May 21, 2019) — Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced that it has purchased the Colman Building in Seattle’s iconic Waterfront. With the purchase of the Colman Building, Unico’s presence in the Waterfront now exceeds 1 million square feet.
“This was a great opportunity to acquire a classic Seattle asset known for its history and location that sits in the intersection of three transforming neighborhoods—the South CBD, Waterfront, and Pioneer Square,” said Unico Senior Vice President and Regional Director Andrew Cox. “Concurrent with the public-private marshaling of resources surrounding the redevelopment of Seattle’s Waterfront, Unico believes that we will see a continued increase in the desirability of these neighborhoods.”
Colman Building consists of a six-story, 160,164-square-foot historic office building with ground-level retail encircling the entire property. The historic building was commissioned by Scottish immigrant and master machinist James Colman and was constructed in several stages between 1889 and 1906. It occupies a single parcel covering half a block and bounded by First Avenue, Marion Street, and Columbia Street. Colman Building is listed on the National Register of Historic Places, considered a City of Seattle landmark, and 88% leased to a diverse roster of office tenants.
“It’s an asset that complements what Unico is currently doing downtown, in the Waterfront, and Pioneer Square,” said Unico Director of Leasing Liz Thorson. “We have seen a tremendous level of interest in buildings similar in character to the Colman Building from tenants in this market—clearly, there is a demand for this vintage of building and especially in this location.”
In addition to the Colman Building, Unico’s portfolio of owned and managed prime Waterfront properties include 51 University, Viewpoint (formerly known as World Trade Center North), World Trade Center East, 2323 Elliott, Market Place I, Market Place II, Maritime Building, First and Union, and the recently acquired Washington Park Building.
Nick Kucha, Kevin Shannon, Cavan O’Keefe, Michael Moll, Bill DeLacy, Jakob Nicholls, and Jeff Hodson from Newmark Knight Frank represented the sellers, Goodman Real Estate, in the acquisition.
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.