SEATTLE, WA—Unico Properties LLC, a real estate investment and operating company, has announced that it has purchased the 701 Dexter Building, a 63,016-square-foot, six-story property located in Seattle's top performing submarket of South Lake Union.

Unico's investment in 701 Dexter comes at a pivotal time for growth in South Lake Union: the surrounding four-block area has seen nearly 1,000 new residential units delivered and become fully leased; Facebook is relocating its Seattle headquarters to 1101 Dexter Avenue; and the Allen Institute for Brain Science has opened its doors. This surge in development and leasing activity comes as the Aurora Corridor and the Mercer Corridor Improvement projects begin to take form, and as Dexter Avenue sees an increase of apartment, life sciences and office development.

"As we continue our commitment to identify off-market opportunities, we worked directly with the seller to buy 701 Dexter, which is located in arguably the region's strongest and most dynamic submarket," said Andrew Cox, Unico Properties Vice President and Regional Director. "Our investment is geared around the continued improvement in the Dexter Corridor and the exciting leasing and development activity in the surrounding neighborhood."