Unico Expands in Seattle With $143M Buy

110 Atrium

Unico Properties has expanded its metro Seattle portfolio with the acquisition of 100 Atrium, a mid-rise office building in Bellevue, Wash. According to records filed with the King County Recorder office, the private company acquired the building from ScanlanKemperBard Cos. for $143.2 million.

Records also show the sale was subject to a $119.4 million financing package, provided by LoanCore Capital. According to CommercialEdge data, ScanlanKemperBard acquired the office building in 2018 from Lionstone Investments, for the price of $111.2 million. CBRE is the leasing manager of the property.

The seven-story, Class A building comprises 235,500 square feet of office space and is located at 110 110th NE Ave. It was constructed in 1981, received a full cosmetic renovation in 2013 and offers floorplates ranging from 33,500 to 43,520 square feet. Amenities include board and conference rooms, a three-level atrium with lounge areas and Wi-Fi throughout, and a fitness center with lockers and showers. Tenants also benefit from a 2.3 per 1,000 square feet parking ratio, secured bike storage and EV charging stations. Current tenants of 100 Atrium include LG Electronics, Unity, Okta, Parallels and Sports Physical Therapy.

The building is situated less than a mile from downtown Bellevue, with many dining, shopping and entertainment destinations located within walking distance. Major nearby thoroughfares include Interstate 405 and State Route 520. Public transport is also readily available, with bus stations nearby. A light rail extension is currently under construction. The East Link line will see the addition of a 14-mile expansion from downtown Seattle to the Overlake area in Redmond. One of the stations will be located within walking distance of 100 Atrium.

Office investment in Bellevue

The light rail expansion will also see the addition of a station in the Spring District/120th Avenue area, where Brookfield Asset Management recently completed its $200 million acquisition of Block 24. The office campus is fully leased by Facebook.

Unico Properties is confident in the Bellevue office market, considering it acquired 100 Atrium at roughly $609 per square foot, significantly higher than the average of $465 per square foot for office sales in the metro year-to-date as of July, according to a recent CommercialEdge report. As of July, Seattle office vacancy was up by 670 basis points year-over-year, reaching 15.8 percent. The Bellevue submarket is faring better, at 10.6 percent.

CommercialEdge data shows that Unico Properties owns more than 2.6 million square feet of office space in metro Seattle. The firm is also active in Portland, where it recently completed the acquisition of a two-building office property that totals 203,000 square feet.