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Unico Recaps 'Big Pink' in $280M Transaction

PORTLAND, OR-Institutional investors buy out Broadreach Capital's 75% stake and some of Unico Properties' 25% stake. Two years ago, the building was valued at $185 million.

By Brian K. Miller | Updated on August 24, 2006

PORTLAND, OR-Unico Properties, a Seattle-based real estate investment and operating company, has recapitalized US Bancorp Tower in a transaction that values the building at $279.5 million. Two years ago, the last time Unico recapitalized the asset, the asset was valued at $185 million.

The 1.09-million-sf, 43-story landmark at the north end of the Downtown core is the largest office building in the city and is 94.7% leased. The anchor tenant is Minneapolis-based US Bancorp, which leases 473,000 sf. The lease runs through 2015; about 80,000 sf of the bank’s leasehold is subleased to third parties.

Unico acquired the building from US Bancorp in 2000 in a 50-50 partnership with Chase, which subsequently became JP Morgan Chase. The asset was valued at about $172 million for that transaction. In the third quarter of 2004, Palo Alto, CA-based Broadreach Capital bought out JP Morgan Chase and also acquired half of Unico’s interest in a deal that valued the asset at about $185 million.

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