HAL Real Estate is the investment arm of HAL Holdings N.V., a Dutch holding company traded on the Amsterdam Stock Exchange. Three of the properties are seven-story properties known as One, Two and Three Renton Place. Located adjacent each other on South Renton Village Place, they were constructed in 1980, 1986 and 1987, respectively, and respectively total 132,319 sf, 130,690 sf and 132,094 sf. The oldest building was renovated in 1993. Tenants include The Boeing Co., Sea-Land Service and Chase Manhattan Mortgage.

Four more of the buildings comprise the 201,448-sf Valley Office Park at 1801 Lind Ave. SW. Each building in the park is two stories and was built in 1980. Nearly 1,200 parking spaces come with the development. The final building, Blackriver 800, is a three-story, 75,000-sf development built in 980 and located at 800 Oakesdale Ave. SW.

Unico Properties compiled the properties under the name University Street Properties LLC II, says Unico senior vice president Quentin Kuhrau. USPLLC is owned jointly by Unico and a New York pension fund. Kuhrau would not disclose the name of the pension fund, but said the properties were sold to accommodate the needs of the investor, which is "in the process of repositioning assets around the country, and these were ones they had targeted for sale."

One, Two and Three Renton Place and Valley Office Park were acquired by the LLC as a package in March 1998. Blackriver was acquired separately in August 1999. Kuhrau declined to reveal the LLC's cost to compile the portfolio. The only records immediately available through First American Title show the LLC paying $7.96 million for Blackriver in '99.

Unico still owns several other office properties in the Renton area, and Kuhrau says the company is "bullish" on the Seattle sub-market. "Tenants have being driven out of Seattle and Bellevue by their prices over the last three to five years," says the senior VP. Renton provides a big discount in rents from the Seattle and Eastside markets -- about $15/sf less – and has a great employee base, free parking and good physical assets, says Kuhrau.

Instant Insights /

Unico Unloads 8 Office Properties for $83.27 Mil, Including One, Two, & Three Renton Place

Related Stories

Recommended For You