One of the largest fully integrated commercial real estate firms in the Northwest with several million sf of product, Unico entered into a ground lease with the University in 1953 to develop and operate its six-block Downtown Metropolitan Tract. As part of that deal, Unico agreed not to have financial investment in any real estate projects inside the city limits of Seattle to protect the University's interests in the Tract.

This year, however, the two agreed that the real estate market has evolved and diversified to such a degree that it is now possible to pursue multiple projects in Seattle that do not compete with the Tract. "We have discussed the option of free agency with the University for a long time and ultimately, we found a way to make it work," says Dale Sperling, Unico's CEO and president. "It is a continuation of the public/private partnership we've had with the University, and it's still working."

The result is a new agreement that allows Unico to manage, lease, develop and invest in real estate opportunities outside of the CBD--defined as the area North of Stewart Street, between the waterfront and I-5, and South of Dearborn. "This amendment marks a milestone in the evolution of Unico as a company," adds Sperling. "For the first 40 years, we focused on developing and managing the Metropolitan Tract. For the past three years, we have expanded our reach beyond the Northwest to pursue and acquire premier properties in major West Coast markets. Now, while the Tract will remain our most important asset in Seattle and continues to receive our dedication and attention, we are able to pursue opportunities in our own backyard."