|\ ABOUT UNICO \ HISTORY|
60 Years of Investment, Operating, and Development Success
For the past half century, Unico has been successful in delivering superior returns to its owners and partners through excellence in the investment, operations and development of commercial real estate.
University Properties, Inc. (today Unico Properties LLC) was formed in 1953 when its founder, Roger L. Stevens, and a group of private investment partners was selected by the University of Washington to develop and operate its Metropolitan Tract (the Tract). The Tract is a 10-acre parcel of land in downtown Seattle which served as the original University of Washington campus until 1895. Unico operated the property on a 60-year ground lease, which ended October 2014. At expiration, the UW selected Unico in a competitive bid process to continue to provide management services to the Tract buildings.
From 1960 to 1978, Unico developed and redeveloped 1.7 million square feet to first-class, high-rise office and retail space, attracting every major financial institution in Seattle to the Tract. By 1978, at the completion of Rainier Tower and Rainier Square, Unico had shifted Seattle’s financial center and the heart of downtown Seattle from lower Second Avenue to the Tract.
In 1980, Unico extended its real estate holdings in Seattle to include a new development at Union Square. Unico developed the entire block, including One and Two Union Square, two office towers totaling 1.8 million square feet. The development, anchored by Two Union Square, was arguably one of the most attractive architectural statements in Seattle.
In 1996, Unico changed its strategic direction with the objective of aggressively growing the company and expanding to select Western U.S. markets. The Company’s strategy was to acquire office properties in select high-growth, high barrier-to-entry markets. Unico leveraged its market knowledge and relationships to uncover exceptional investment opportunities and used its operating and leasing expertise to achieve superior operating results. Between 1996 and 2004, Unico grew the size of its owned and managed real estate portfolio to over seven million square feet, stretching from Seattle to San Francisco to Denver.
In 2004, Unico diversified its portfolio by making investments in medical office and multi-family properties. The Cobb Building, a 1910 mid-rise on the Tract in Seattle, marked the company’s first multi-family investment; the acquisition of Allenmore Building B in Tacoma and the development of Allenmore Building C marked its first investment in medical office.
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