University Loosens Unico's Handcuffs

SEATTLE-After nearly 50 years, Unico Properties has had its handcuffs removed.

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.”