The agreement, signed last month, means Unico continues to manage HAL's entire south-end portfolio, consisting of 671,131 sf in five office properties including One, Two and Three Renton Place, Valley Office Park and Blackriver 800.
"In this economy where vacancy rates are high, Unico continues to be successful in its lease renewal efforts in Renton," said Dan Novack, Unico's general manager for the Renton portfolio. "The portfolio's occupancy is currently 97% in a market where vacancy is 13%."
In addition to its third-party management contracts, Unico owns and manages the 265,732 square foot Washington Technical Center in Renton. With nearly one million square feet under management, Unico is the largest commercial office management company in Renton.
Unico, the University of Washington's real estate investment arm, first became involved with the portfolio in March 1998, when it acquired the five buildings from the Government of Singapore Investment Corporation (GSIC). Unico owned, managed and leased the buildings until January 2001. At that point, Unico sold the portfolio to HAL and was awarded the third-party management contract for the properties.
Founded in 1953, Unico has diversified its significant Seattle portfolio by acquiring office buildings in major Western U.S. markets and growing northwest urban centers. Since 1997, Unico's portfolio has grown to more than six million square feet of office properties, including Portland's largest office building, the U.S. Bancorp Tower.
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