AEW and Unico join to buy two Seattle offices for $359m

AEW Capital Management and Unico Properties have formed a US joint venture to acquire two office buildings in Seattle for $359m (€306m).

According to King County records, the duo bought the 1111 Third and Second & Spring properties from Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec.

Ivanhoé Cambridge and Callahan Capital Properties bought the two properties for $280m in November 2014.

Both assets were renovated for $65m last year.

The new owners paid $274.5m for the 565,883sqft 1111 Third property and $84.5m for the 139,985sqft Second & Spring building. The two assets are 95% leased.

The 33-story 1111 building was first developed in 1980 and the five-story Second & Spring building was originally built in 1906.

Andrew Cox, the vice president and regional director for Unico Properties, said: “The combined investment offers a unique ability to provide, via 1111 Third, a desirable high-rise experience in a repositioned tower, while Second & Spring offers a cool creative office space with century-old architectural style, modern amenities, very high ceilings and large, open floorplates.”

AEW and Ivanhoe Cambridge declined a request for comment.