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In a JV with an institutional investment fund, Unico Properties acquired Civica Office Commons, a 323k SF building in Bellevue's CBD. Civica is 97% leased to various finance, wealth management, technology and traditional service tenants. The partnership plans to invest in capital upgrades to refresh the trophy asset, according to Unico Properties VP and regional director Andrew Cox. "Our goal is to enhance Civica’s already significant reputation in the market," he says.
Unico and its partner purchased Civica from Hines; the building had been purchased first by Investcorp, then by Brickman and then by Hines in 2005. Built in 2001, Civica's 23k SF floor plates are virtually column free and have a central core, allowing for flexible tenant configurations. Unico will provide on-site property management at Civica.
