Colman Building is a six-story 160,164-square-foot office building with ground-level retail.
SEATTLE—With the recent purchase of the Colman Building in Seattle's iconic Waterfront, Unico Properties' presence in the area now exceeds 1 million square feet. Unico Properties LLC predicts continuing appeal of the Waterfront due to redevelopment efforts.
“This was a great opportunity to acquire a classic Seattle asset known for its history and location that sits in the intersection of three transforming neighborhoods: the South CBD, Waterfront and Pioneer Square,” said Andrew Cox, Unico senior vice president and regional director. “Concurrent with the public-private marshaling of resources surrounding the redevelopment of Seattle's Waterfront, Unico believes that we will see a continued increase in the desirability of these neighborhoods.”
Colman Building is a six-story 160,164-square-foot office building with ground-level retail encircling the entire property. It is 88% leased to a diverse roster of office tenants.
“Since 2014, we've been intentional in identifying and purchasing these unique opportunities,” Ned Carner, Unico chief investment officer, tells GlobeSt.com. “The end of the Viaduct marks the end of this strategy because the value of Alaskan Way real estate is now obvious.”
Colman Building is listed on the National Register of Historic Places and considered a Seattle landmark. The historic building was commissioned by Scottish immigrant and master machinist James Colman, and constructed in several stages between 1889 and 1906. It occupies a single parcel covering half a block and bounded by First Avenue, Marion Street and Columbia Street.
“It's an asset that complements what Unico is currently doing downtown, in the Waterfront and Pioneer Square,” said Liz Thorson, Unico director leasing. “We have seen a tremendous level of interest in buildings similar in character to the Colman Building from tenants in this market. Clearly, there is a demand for this vintage of building and especially in this location.”
In addition to the Colman Building, Unico's portfolio of owned and managed Waterfront properties include 51 University, Viewpoint (formerly known as World Trade Center North), World Trade Center East, 2323 Elliott, Market Place I, Market Place II, Maritime Building, First and Union, and the recently acquired Washington Park Building.
Nick Kucha, Kevin Shannon, Cavan O'Keefe, Michael Moll, Bill DeLacy, Jakob Nicholls and Jeff Hodson from Newmark Knight Frank represented the sellers, Goodman Real Estate, in the acquisition.
Unico Properties LLC is a subsidiary of Unico Investment Group LLC.
After another solid performance for the regional office market during 2018, the first quarter 2019 office metrics are somewhat lackluster in comparison as the Puget Sound braces for more office construction. During the quarter, the regional office market recorded a vacancy increase to 6.48%, up from 6.10% at year-end 2018, according to a report by Kidder Mathews. The regional availability rate also jumped by 43 basis points during the quarter to 8.57%.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
