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Bank of America Financial Center
Bringing out the best in properties and people. At Bank of America Financial
Center in Spokane, Washington, this phrase reflects Unico’s approach to investing
and managing a property to the highest level. Purchased in February 2007, the 20-story,
328,000 square foot Bank of America Financial Center (BAFC) is the Central Business
Districts (CBD’s) largest and most prestigious asset. This premier, Class-A
property is home to both nationally-recognized and locally-prominent tenants in
the professional service industry. When Unico Properties purchased the property
in 2007, it wasn”t actually for sale at that time, recalls Jonas Sylvester,
Unico Sr. Vice President of Investment.
“This was purely a situation of knowing the right people,” said Sylvester.
“We saw an opportunity to invest in a quality asset and make it even more
profitable. Our investment strategy has always been to purchase the best building
in smaller markets like Spokane and we were actively looking a mid-size, Class-A
asset with room to create positive returns for our investors. Bank of America Financial
Center fit our criteria,” continued Sylvester.
Unico approached the owner in late 2006 and completed the deal in just two months.
Since Unico acquired the property, 65,000 square feet of space has been leased and
the building’s occupancy increased to 95 percent, up from just 82 percent
at the time it was purchased. Quickly, Unico”s property management team was
able to reduce operating expenses $2.50 per square foot, as well, making this a
better value for the current and future customers. Additionally, the team immediately
instituted Unico’s best-in-class customer service. In less than one year,
the management team and building engineers raised the customer service score to
a best-in-class level - as awarded by CEL & Associates, a national, independent
real estate consulting firm that surveys Unico’s tenants. Only three percent
of property managers nationwide reach this elite level. Satisfied tenants remain,
improving long-term tenant retention.
“The Unico vision for the property and its customer service-driven attention
to tenants has allowed me to sell the Unico story in the market. It has been very
well received by forward thinking tenants looking to find a truly professional environment
for their business. Bank of America Financial Center is the leading Class-A building
in the market,” said Craig Soehren of Kiemle & Hagood Company.
Another satisfied BAFC tenant shares this view. “I have been incredibly impressed
with the Unico management team, which is professional, client-focused, and flexible.
I’ve personally found the team to be willing to work with us and be responsive
to our needs, which says to me that we are a valued client,” said Shaun Cross
of Lee & Hayes, pllc.
Unico also set out to improve the building with upgrades to the common areas, elevators
and lobby, while instituting greener operations. As a result of Unico’s sustainability
measures, BAFC has achieved its first ENERGY STAR® label in 2009 and now is
pursuing LEED®-EB certification, the first in Eastern Washington. Additionally,
the Unico team demonstrated environmental leadership in the Spokane community by
instituting the city’s first comprehensive commercial recycling program; sponsoring
a turn out the lights event on Earth Day to bring awareness about electricity consumption;
and installing new showers for tenant-use to encourage alternative commuting; sponsoring
Bike to Work Spokane each May; and installing one of the first ecowell (www.ecowell.com) kiosks nationally - designed
to provide beverages without creating trash from single serving use bottles.
“We are thrilled to see Unico embrace such innovative green business practices
for a traditional office building like the Bank of America Financial Center,”
said Susanne Croft, Incentive Specialist and Manager for the SMART Recognition Program
for the Office of the Mayor, City of Spokane. “Unico is taking the lead in
helping raise awareness about what businesses can do to conserve resources and to
improve our community. These efforts truly reflect the vision that Mayor Verner
has for our city.”
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