Unico Buys Denver's Writer Square Building

DENVER-In a joint venture, Unico Properties LLC, a Seattle-based real estate investment and operating company, and LaSalle Investment Management have announced that they have purchased Writer Square, a 179,271-square-foot, class-A mixed-use building, which is located at 1512 Larimer Street in the heart of Denver's central business district. 

Just two blocks from 17th & Larimer, which Unico purchased in 2011, this acquisition brings Unico's Denver portfolio to approximately 1.8 million square feet of owned and managed properties.

Writer Square is ideally located amidst the 16th Street Pedestrian Mall, Tabor Center, and Larimer Square in Lower Downtown (LoDo). It consists of a 119,336-square-foot, class-A office tower, a 59,935-square-foot, open-air retail space on a street-level open-air plaza, and a two-level, recently-renovated, subterranean parking garage. The 10-story building is currently 85% leased.

The office tower is home to a diverse mix of national and local tenants and the smaller, efficient floor plates (ranging from 10,250 square feet to 12,400 square feet) are highly-desirable to a range of small-to-medium size tenants, allowing Writer Square to fill a unique niche in LoDo's class-A, office market. 

The retail center has a mix of destination restaurants, galleries, retailers, and shops serving Denver's rapidly growing 24/7 downtown residential population and daytime office population. A pedestrian-friendly central promenade connects two vibrant plazas in the retail center and the double-loaded retail promenade links historic Larimer Square with the 16th Street Pedestrian Mall. 

Unico plans to invest $4 million to upgrade tenant spaces in the office tower and to upgrade the retail space.  Capital improvements to the retail center will be made with the goal of creating a more inviting and vibrant pedestrian experience, and enhancing the connectivity with Larimer Square.

“Continuing our investment momentum with the acquisition of one of Denver's premier properties underscores our on-going commitment to growth, expansion, and long-term presence in Denver,” said Jonas Sylvester, Unico Properties chief investment officer.  “We're thrilled to own and invest in Writer Square, and plan to further enhance its reputation as a premier destination to work, shop, dine and live.” 

In Denver, Unico owns or operates a 1.6 million square feet of properties, which includes 1660 Lincoln, Harlequin Plaza, 17th & Larimer in Lower Downtown (LoDo), Belleview Tower in the Denver Technology Center, Centerpoint I, Centerpoint II, and Pearl Street Portfolio in Boulder.  With the purchase of Writer Square, Unico's portfolio of properties in Denver now totals approximately 1.8 million square feet.

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.  The company is a leader in sustainable practices, reducing energy consumption by 18 percent per year across its 14 million-square-foot portfolio.  Unico has earned LEED and LEED-EB (Existing Buildings) certifications for more than 70% of the eligible buildings within its portfolio.  For the past three years, tenants ranked Unico's customer service in the top one percent nationally among 6,000 comparable buildings surveyed – earning a “Best in the Industry” distinction from CEL & Associates, a national, independent real estate consulting firm.