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Seattle & Northwest  + Opportunity Zones  | 

Unico, Pinnacle JV Launches $60M Historic Tacoma Tower Conversion

Unico Properties and joint-venture partner, Pinnacle Partners, are undertaking a $60-million renovation of the historic 18-story Washington Building in downtown Tacoma. The 120,800 square feet of office space will be converted into 156 apartments.

The companies plan to commence interior demolition work next month on a project that sits within an opportunity zone. The renovations are expected to span about 21 months, with build-out commencing later this year. Unico acquired the property in 2017 for $9.8 million and subsequently completed a façade preservation.

The building was built in 1925 and is the second tallest in the area. The building has a host of former bank-built features such as old vaults. Unico’s Ned Carner told the Puget Sound Business Journal, the 95-year-old building has “this intrinsic value – cool space you can’t replicate.”

Traditional bank financing will come from TCF Bank and historic tax-credit financing through InSite, an affiliate of Chemical Bank.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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