SEATTLE, WA—Unico Properties LLC, a real estate investment and operating company, has announced that it has purchased the 701 Dexter Building, a 63,016-square-foot, six-story property located in Seattle’s top performing submarket of South Lake Union.
Unico’s investment in 701 Dexter comes at a pivotal time for growth in South Lake Union: the surrounding four-block area has seen nearly 1,000 new residential units delivered and become fully leased; Facebook is relocating its Seattle headquarters to 1101 Dexter Avenue; and the Allen Institute for Brain Science has opened its doors. This surge in development and leasing activity comes as the Aurora Corridor and the Mercer Corridor Improvement projects begin to take form, and as Dexter Avenue sees an increase of apartment, life sciences and office development.
“As we continue our commitment to identify off-market opportunities, we worked directly with the seller to buy 701 Dexter, which is located in arguably the region’s strongest and most dynamic submarket,” said Andrew Cox, Unico Properties Vice President and Regional Director. “Our investment is geared around the continued improvement in the Dexter Corridor and the exciting leasing and development activity in the surrounding neighborhood.”
Built in 1984 and currently 93% occupied, 701 Dexter is located at the intersection of Dexter Avenue and Roy Street, one block off of Mercer Street. Situated at the nexus of Amazon’s global headquarters, Facebook’s new Seattle headquarters, the Bill & Melinda Gates Foundation and the Allen Institute for Brain Science’s new headquarters, this intersection has become a major destination for prominent technology and biotech companies seeking 24-hour, urban locations. The building has
excellent views of Lake Union, the Space Needle, and the downtown Seattle skyline, and it is in close proximity to top retail amenities, Lake Union recreation areas, and I-5.
As part of Unico’s investment momentum in the Puget Sound region, the company purchased the historic, 42-story Smith Tower in Pioneer Square in January 2015, the PEMCO building, which Unico renamed the Yale & Thomas building, in South Lake Union in December 2014, and the Grand Central Building, a 110,000-square-foot assemblage of three integrated, turn-of-the-century brick buildings also in Pioneer Square in November 2014.
Unico Properties LLC is a real estate investor and full-service operator, focused on office and multifamily assets in the Western United States. For more than 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.