Unico Properties began managing the Finova Capital-owned property in 1998, guaranteeing the master lease payments of Weyerhaeuser, which still had three years left on a 20-year master lease. The management contract came with a purchase option that Unico didn't exercise because of the pre-set price relative to the economy.
"We fully intended to buy it," Unico's SVP of management and leasing Jeff Shipley tells GlobeSt.com. "But the number on option was prohibitive at the time and unfortunately we had to pass."
Built in 1983, the Tacoma Financial Center was designed by Olson/Walker Architects and developed by Cornerstone Development Company, a real estate development division of Weyerhaeuser. It was recently renovated by the owner and is currently about 75% occupied. Asking rates for space in the building are $18-to$20 pr sf, full service.
In Tacoma, Unico manages and leases two of the top three class A office buildings in Tacoma's Central Business District. The company also owns and manages Wells Fargo Plaza, the 294,000-sf anchor of Tacoma's Financial District.
Unico Properties Inc. is a fully integrated commercial real estate firm that has diversified a significant Seattle portfolio by acquiring premium office buildings in major Western U.S. markets and growing Northwest urban centers. Unico now owns more than six million sf of office properties. Greyhound Real Estate Investment Seven Inc., the building's owner, says it awarded Unico the management and leasing contract because it demonstrated market knowledge, leasing success and customer service.
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