Unico Sells Seattle’s Iconic Smith Tower to Goldman Sachs

The deal is part of a 27-building sale in Seattle and Denver.
 
 

Unico Properties has sold Seattle’s historic Smith Tower to Goldman Sachs affiliate Broad Street Principal Investments LLC.

The sale is part of a 27-building portfolio deal in Seattle and Denver -- totaling 1.8 million square feet – for $710 million.

Other Seattle buildings involved in the sale are the Yale + Thomas building in South Lake Union, which was formerly the PEMCO building; 1505 Fifth Avenue in downtown; and the three-building Grand Central Block and Butler Garage in Pioneer Square.

The 42-story Smith Tower, built in 1914, was the first skyscraper in Seattle and for years was the tallest building west of the Mississippi River. Unico bought the 462-foot-tall building, 506 Second Avenue, four years ago for $73.7 million and remodeled it, opening a restaurant and bar and launching a tour program for visitors. It is 93 percent occupied.

Today, there are at least 15 taller buildings in the city, according to HistoryLink.org.

Unico, a Seattle-based private equity commercial real estate firm, said the portfolio is 85 percent leased. The company will retain a stake in the portfolio and will continue to manage and operate it on behalf of the new partnership.

The transaction represents the conclusion of the Unico Partners I fund, which closed in 2014 after raising $265 million in equity.

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