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December 1, 2015

Unico pays $18M for 701 Dexter building

By JOURNAL STAFF

Courtesy Unico Properties [enlarge]

Unico Properties paid about $17.7 million for a six-story office building at 701 Dexter Ave. N. This is the Seattle firm's second purchase in South Lake Union this year.

The 701 Dexter building has 63,016 square feet and is 93 percent occupied, Unico said in a press release. Unico paid about $281 per square foot for the 31-year-old structure.

The two largest tenants are Grey & Osborne and OAC Services. The building has traditionally been home to architects, contractors and other consulting firms.

Andrew Cox, vice president and regional director at Unico, said the firm is considering a renovation but he would not get into specifics.

Unico said it was attracted to this property because of all the new housing along Dexter — Unico says more than 1,000 apartments have opened nearby — and proximity to Amazon, Facebook, Bill & Melinda Gates Foundation and the Allen Institute.

In January Unico completed the purchase of Pemco Insurance's headquarters for nearly $52 million and renamed it the Yale & Thomas Building.

Unico also bought the 42-story Smith Tower in Pioneer Square this year.

In November 2014, Unico bought three integrated brick buildings on First Avenue South in Pioneer Square: the Grand Central, City Loan and Buttnick buildings.




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