Unico Attempting Entry into California Market

Unico Properties is making its first try at entering the California real estate market.

The Seattle-based company is negotiating to buy a 33-story, 402,000-sf tower at 100 Pine St. The tower is located in San Francisco’s downtown financial district, according to reports. The office tower in question is currently owned by Chicago-based Walton Street Capital, which in 1997 paid $69 for the building. Walton Street has since renovated the building.

A Unico company source would neither confirm nor deny the report to GlobeSt.com on Tuesday, but did make reference to progressing further with a deal and promised more information at a later date. Other sources say the parties have a negotiated a purchase price of $150 million. Local brokers say the price, while high at upwards of $370/sf, isn’t far off the mark for San Francisco rental rates.

Unico has for years managed properties in Washington State, including the 10-acre Metropolitan Tract in downtown Seattle. But its March purchase of the 20-story U.S. Bank Plaza building in Boise, Idaho was the firm’s first out-of-state foray. This latest deal, if closed, would represent its first entry into the red-hot California market.