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Unico Investment Group recently purchased Westlake Tower, the 25-story, 366K SF office building portion of Westlake Center for $236M from TIAA.
The acquisition was acquired as part of Unico’s core-plus investment fund.
Westlake Tower was built in 1988 as part of Westlake Center’s mixed-use community. About $34M has been invested in renovations to the lobby, common areas, new building systems and $14.6M in tenant improvements. The building includes 22 floors of office space, a glass-enclosed penthouse, and two levels of subterranean parking that includes 251 stalls.
Tenants include WeWork, KPFF and the Seattle Foundation. Tom Pehl, Todd Tydlaska, Lou Senini and Chais Lowell from CBRE Capital Markets Office West represented the sellers. Acquisition financing was arranged by Brad Zampa, Michael Walker and Megan Woodring, also from CBRE.
A year ago in April Unico purchased two Class-A office buildings in the same zone at 1100 Second Ave. Also high-rises, the buildings were 95% leased at the time and are attached by an alley skybridge.
Skanksa’s 2+U, also in the Central Business District, is set to deliver in early 2020.
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