Unico Picks Up 15-Story Office Building

DENVER— Unico Properties , a Seattle-based real estate investment and operating company, has purchased 1875 Lawrence in an off-market transaction.

Unico Properties has acquired 1875 Lawrence in Denver.

The 15-story, 194,541-square-foot building located at the confluence of three of Denver’s most dynamic and active areas: Downtown Denver, Lower Downtown or “LoDo”, and the River North Art District submarkets. Unico’s says it investment strategy for 1875 Lawrence is to invest in a quality asset in a location that offers access to the best that Denver has to offer and continues to improve year by year. Unico plans to complete the re-positioning that was started several years ago by adding tenant amenities and investing in energy savings projects. This investment strategy is consistent with some of Unico’s previous acquisitions in downtown Denver, including 17th & Larimer and Writer Square . “We worked directly with the seller, and its broker HFF LP , to buy an asset in a location that is growing and evolving from good to really good and getting better,” said Austin Kane , Unico Properties vice president and regional director of Denver and Boulder .  “We will invest in 1875 Lawrence to further elevate the building’s image, significantly improve our building amenities, and create a premier work environment for a wide range of businesses.” Unico will also serve as the property manager for the building. This acquisition, which was brokered by Mary Sullivan and John Jugle of HFF LP, brings Unico’s Denver portfolio to 2.4 million square feet of owned and managed properties. Built in 1982, the 15-story brick and concrete building has excellent views due to both its window line and the height restrictions in LoDo. Since 2011, more than $4 million has been invested in the building, which includes a lobby renovation. Building upon these previous renovations, Unico will invest in the following upgrades: ·         New Fitness Center with locker rooms and showers; ·         New storage room for bicycles; ·         New Conference Room; ·         Modernize the restrooms, common corridors and lobby; ·         Install new lighting and a 24-hour security system; ·         Install energy-efficient upgrades and pursue LEED certification. Unico intends to attract new companies to 1875 Lawrence, adding to a roster of high-quality tenants that are committed to the building, and invest in building upgrades, much like it has done at 17th & Larimer (purchased in 2011) and Writer Square (purchased in 2013). “With other properties we’ve purchased in downtown Denver, we have had to make massive improvements, both cosmetic and back-of-house. At 1875 Lawrence, we have a core asset with great bones. Our task now is to use our property management, leasing and sustainability expertise and skills to prepare 1875 Lawrence to serve tenants’ needs well into the 21st century,” added Kane. Unico plans to create some open ceilings and open office space which are ideal for technology and creative companies looking for collaborative work environments. 1875 Lawrence is located in the center of some of the most dynamic submarkets and new developments in Denver, close to Union Station , and near the new Wynkoop and 21st Street improvement project. Ardent Mills , a joint venture owned by ConAgra Foods, Cargill and CHS Inc. , is headquartered in the building and serves as its anchor tenant. Unico’s Denver office portfolio consists of more than two million square feet of class-A office properties. The company, founded in 1953, also has extensive holdings in Boulder .