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Unico Acquires Westlake Tower in Seattle’s CBD for $236M
Unico Properties LLC reportedly acquired Westlake Tower, a Class-A high-rise in Seattle’s CBD, from TIAA for $236 million. Westlake Tower was acquired as part of the Seattle-based private equity real estate investor’s core-plus investment fund.
The 365,674-square-foot, 25-story office tower portion of Westlake Center is 95% leased. Developed in 1988 as part of the Westlake Center mixed-use development, the tower recently received extensive renovations totaling $34 million.
The asset sits above Westlake Center, an enclosed retail center, as well as Westlake Station, which connects to multiple transit options.
Unico’s Andrew Cox says, “A desirable high-rise experience in a recently repositioned tower with enviable views and unmatched retail amenities, combined with what is arguably the most transit-rich location in all of the CBD, are just a few of the many highlights of this investment.”
CBRE’s Tom Pehl, Todd Tydlaska, Lou Senini, and Chais Lowell represented the sellers. CBRE’s Brad Zampa, Michael Walker, and Megan Woodring arranged acquisition financing.
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- ◦Sale/Acquisition
