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October 31, 2014

UW takes ownership of Metropolitan Tract tonight

By JOURNAL STAFF

Tonight at midnight the University of Washington takes ownership of 10 acres of downtown Seattle: the Metropolitan Tract.

The UW issued a press release today saying this is 153 years after the land was donated by Arthur Denny and two other pioneer families, the Terrys and the Landers.

Unico Properties had a 60-year agreement with the UW to develop, manage and lease properties on the Metropolitan Tract, and that ends today.

The tract is between Union and Seneca streets and Third and Sixth avenues. It includes the Olympic Hotel and buildings that Unico has developed and managed since 1953.

Here are the buildings: Cobb Building, Skinner Building, Puget Sound Plaza, IBM Building, Financial Center, and Rainier Tower and Rainier Square.

Unico will continue to manage and lease five of the buildings, but not Rainier Square and Rainier Tower.

Wright Runstad & Co. was selected to develop Rainier Square and manage Rainier Tower. It is planning a 1.15-million-square-foot project on the Rainier Square block that will include a new tower and parking for more than 1,200 cars in a new underground garage.




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