{"id":1004294228,"date":"2019-01-25T05:07:59","date_gmt":"2019-01-25T13:07:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004294228"},"modified":"2019-01-25T05:07:59","modified_gmt":"2019-01-25T13:07:59","slug":"goldman-sachs-affiliate-buys-office-portfolio-for-710m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-affiliate-buys-office-portfolio-for-710m\/","title":{"rendered":"Goldman Sachs Affiliate Buys Office Portfolio for $710M"},"content":{"rendered":"<p>An affiliate of Goldman Sachs\u2014Broad Street Principal Investments LLC\u2014has acquired an 11-property office portfolio for $710 million. Unico Investment Group LLC sold the Unico Partners I portfolio, which comprises 27 buildings throughout Seattle and Denver.&nbsp;<\/p>\n<p>The portfolio includes repositioned historic and newly constructed properties. The seller will retain a stake in the portfolio and continue to operate and manage it on behalf of the buyer. The deal represents the closing of Unico&#8217;s first institutional discretionary fund Unico Partners I, which concluded in 2014 after raising $265 million in equity.&nbsp;&nbsp;<\/p>\n<h2>Property breakdown<\/h2>\n<p>The portfolio includes 10 creative office assets and one parking garage. The properties are 85 percent leased to more than 190 tenants with long-term leases. Unico has invested $87 million in improvements across the buildings. The group includes:<\/p>\n<ul>\n<li>Smith Tower, Seattle<\/li>\n<li>1505 Fifth Ave., Seattle<\/li>\n<li>Yale + Thomas, Seattle<\/li>\n<li>Grand Central block and Butler Garage, Seattle<\/li>\n<li>DC Building, Denver<\/li>\n<li>2nd + Josephine, Denver<\/li>\n<li>Platte Street portfolio, Denver<\/li>\n<li>Circa Building, Denver<\/li>\n<li>555 Zang, Denver<\/li>\n<li>Pearl East, Denver<\/li>\n<\/ul>\n<p>Unico&#8217;s Senior Vice President of Asset Management Scott Brucker led the disposition team. Eastdil Secured&#8217;s Managing Directors Jason Flynn and Paul Nelson represented Unico in the transaction.&nbsp;<\/p>\n<p><em>\u201cUnderstanding our receptivity for the right situation, Eastdil Secured contacted a small subset of groups with the capability for a deal of this magnitude and complexity\u2014large firms with global platforms. We received excellent interest,&#8221;<\/em> Jonas Sylvester, president of Unico, told&nbsp;<em>Commercial Property Executive,<\/em>&nbsp;when asked about what types of investors considered the portfolio and the level of activity it received.&nbsp;<\/p>\n<p>Last month, a joint venture between Goldman Sachs Asset Management Private Real Estate and Pendulum Property Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-pays-83m-for-orange-county-office-campus\/\">acquired Axis for $83.1 million<\/a>, a 302,000-square-foot Class A office campus in Anaheim, Calif.<\/p>\n<p><em>Images courtesy of Unico Investment Group&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unico Investment Group sold the 11 properties, which comprise more than 25 buildings. Eastdil Secured negotiated the deal on behalf of the seller. <\/p>\n","protected":false},"author":746,"featured_media":1004294234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21808,21783,21742,21747,1610,15],"tags":[39037,33101,33435,33415],"class_list":["post-1004294228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-featured","category-investment","category-latest","category-office","category-seattle","category-west","tag-broad-street-principal-investments-llc","tag-eastdil-secured","tag-goldman-sachs","tag-unico-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goldman Sachs Affiliate Buys Office Portfolio for $710M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-affiliate-buys-office-portfolio-for-710m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs Affiliate Buys Office Portfolio for $710M\" \/>\n<meta property=\"og:description\" content=\"Unico Investment Group sold the 11 properties, which comprise more than 25 buildings. 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