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, a 10-acre parcel of land in downtown Seattle that served as the original University of Washington campus until 1895. Unico operates independent of its partner, the University of Washington, on a 60-year ground lease.

From 1960 to 1978, Unico developed and redeveloped 1.4 million square feet of first-class, high-rise office and retail space, shifting Seattle's financial center and the heart of downtown Seattle from lower Second Avenue to the Metropolitan Tract. In 1980, Unico developed One and Two Union Square, two office towers totaling 1.8 million square feet. The development is anchored by Two Union Square, arguably one of the most beautiful architectural statements in Seattle.

In 1996, Unico's leadership changed the direction of the company, with the objective of aggressively growing the company and expanding in western U.S. markets. Over the next five years, Unico entered into a number of joint venture investments with a range of institutional partners, including JP Morgan and Citibank. During this period, Unico more than doubled the size of its owned and managed real estate portfolio to over seven million square feet.

In 2004, Unico identified investment opportunities in other asset types, and drew upon its knowledge and experience to diversify into medical office buildings (MOBs) and multi-family properties in the western U.S. Today, after the strategic disposition of a number of stabilized office properties, the acquisition of several MOBs and apartment communities, and new developments underway totaling $200 million in mixed use projects, Unico's portfolio totals six million sf of office, 400,000 sf of MOBs and 250 apartments.