Private commercial real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, has acquired Westlake Tower, a Class-A high-rise office property in the Seattle 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.
The Class-A office property in Seattle 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.
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.
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.