{"id":1004739962,"date":"2024-12-06T07:47:07","date_gmt":"2024-12-06T15:47:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004739962"},"modified":"2024-12-06T07:48:09","modified_gmt":"2024-12-06T15:48:09","slug":"unico-lands-35m-refi-for-tacoma-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/unico-lands-35m-refi-for-tacoma-high-rise\/","title":{"rendered":"Unico Lands $35M Refi for Tacoma High-Rise"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" data-attachment-id=\"1004739963\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/unico-lands-35m-refi-for-tacoma-high-rise\/1201-pacific-in-tacoma-wash\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1201-Pacific-in-Tacoma-Wash-e1733489319204.jpeg\" data-orig-size=\"576,432\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1201 Pacific in Tacoma, Wash.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1201-Pacific-in-Tacoma-Wash-e1733489319204.jpeg?w=576\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/1201-Pacific-in-Tacoma-Wash.jpeg\" alt=\"Exterior shot of 1201 Pacific, a 305,000-square-foot Class A office tower in Tacoma, Wash.\" class=\"wp-image-1004739963\" style=\"width:400px\"\/><figcaption class=\"wp-element-caption\">The 1201 Pacific office building has a LEED Gold certification. <em>Image courtesy of Gantry<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Unico Properties has secured a $35 million refinancing loan for 1201 Pacific, a 305,000-square-foot Class A office tower in Tacoma, Wash. Gantry\u2019s insurance-arm Genworth Life Insurance Co. provided the 10-year, fixed-rate, non-recourse note, which replaces the previous 10-year loan that expired in September.<\/p>\n\n\n\n<p>Gantry Principal Mike Taylor and Senior Director Jeff Ballaine arranged the deal on behalf of the borrower.<\/p>\n\n\n\n<p>Unico acquired the property in 1997 from WPAS for $28.8 million, with the help of a $36 million loan originated by Genworth Financial, according to CommercialEdge information. The building&#8217;s current assessed value is at $39 million, the <em>Puget Sound Business Journal <\/em>reported.<\/p>\n\n\n\n<p>Completed in 1969, the LEED Gold-certified office tower rises 25 stories, making it the tallest building in Tacoma. The tenant roster includes Regus, Merrill Lynch, WSP, Vandeberg Johnson &amp; Gandara, RBC Wealth Management and Panattoni Development, CommercialEdge data shows. The property had a 15 percent vacancy rate at the time of the transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-seattle-office-vacancy-rate-climbs\">Seattle office vacancy rate climbs<\/h2>\n\n\n\n<p>Located at 1201 Pacific Ave., the building is across the street from a T Line light rail stop and 1 mile from Tacoma train station, which connects the city to downtown Seattle, some 33 miles north.<\/p>\n\n\n\n<p>Seattle&#8217;s office market has been facing significant challenges this year, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/coworking-spaces-evolve-for-post-pandemic-needs-commercialedge\/\">CommercialEdge report<\/a>. The metro, along with the Bay Area, Austin and San Francisco, had one of the highest vacancy rates across all U.S. markets as of October. Climbing 390 basis points year-over-year, Seattle&#8217;s rate reached 25.8 percent that month. This significant increase was in part due to a number of large projects being delivered.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genworth Life Insurance Co. provided the fixed-rate loan for the city&#8217;s tallest tower.<\/p>\n","protected":false},"author":3619,"featured_media":1004739963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21747,1610,15],"tags":[51763,33415],"class_list":["post-1004739962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-office","category-seattle","category-west","tag-gantry","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>Unico Lands $35M Refi for Tacoma High-Rise - 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