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Metropolitan Tract Leasing
Achieve strategic goals by managing properties one relationship at a time. Personal relationships
with our customers are important to Unico and a key component of our leasing success in the
buildings on the Metropolitan Tract in downtown Seattle. This 10-acre tract of land – owned
by the University of Washington - is home to Rainier Tower, Financial Center, the IBM Building,
Puget Sound Plaza, and the Skinner Building. Unico, as part of our 60-year ground lease – owns,
manages, and leases the five office buildings.
Managing and leasing this prime parcel of real estate is a privilege. We strive to ensure that these
properties, as with Unico’s entire 14-million-square-foot portfolio – are well-maintained spaces for
our local, regional, and national customers and that they are profitable. Since January 2010, just
over 175,000 square feet of space has been leased within Metropolitan Tract properties. That number
includes nearly 100,000 square feet of renewals and expansions, highlighting customers’ desire to
remain in or expand in a Unico building. Currently, the vacancy rate within Metropolitan Tract
buildings is just 10 percent, as compared to the overall office market, which is facing a 21 percent
vacancy rate in downtown Seattle.
Why do people renew their lease on the Metropolitan Tract, especially when other buildings offer
attractive deals in this competitive market? We have a prime location and our customers know that
we go above-and-beyond to provide a very high level of service, commented Jim Rock, Senior Vice
President of Leasing and General Manager of the Metropolitan Tract.
“Honestly, I think our high rate of renewals is due to our personal approach to each customer.
We like to give our customers a very good reason to make this their long-term home. So, we proactively
reach out to those customers who are nearing the end of their lease agreement and work hard to be
aggressive with our leasing process and rents,” said Rock.
“Unico was very cooperative and collaborative throughout the 5th Avenue Theatre’s lease negotiation
process. It was clear that they went out of their way to understand our needs as an active theatre
that operates on a 24/7 basis,” said Cathy Johnstone, the 5th Avenue Theatre’s Director of Facility
Operations. “Unico proactively worked with me to craft a lease that met our unique requirements
for both our theatre and office spaces at the Skinner Building. And we jointly arrived at a
first-rate result. “
“We look for opportunities to anticipate and accommodate our customers’ needs, while making the
deal work for both us. It has to be a good business decision, too,” added Rock.
As a partner with the University of Washington, it is important for both entities that we reach
our strategic goals and keep the Metropolitan Tract occupancy at a high level. It is our mission
to make our buildings better, both through our close attention to customer service and through our
commitment to sustainability, for our customers, our employees and our community. Personal
attention and relationship are keys to this success.
For more on the 5th Avenue Theatre, please click here.
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