A core-plus fund managed by Unico Investment Group’s property arm has acquired the 365,674sqft Westlake Tower office building in Seattle for $236m (€211m).
Unico Properties bought the 25-storey office tower portion of Westlake Center from Nuveen. The property is currently 95% leased.
According to public records, global investment manager Nuveen paid for $119.4m to buy the property in 2011.
Developed in 1988 as part of the Westlake Center mixed-use development, Westlake Tower has recently received renovations totalling $34m.
Andrew Cox, senior vice president and regional director for Unico, said: “Westlake Tower is uniquely positioned in the future growth of Seattle by virtue of its phenomenal location, unrivalled connectivity and broad tenant appeal.
“A desirable high-rise experience in a recently repositioned tower with enviable views and unmatched retail amenities, combined with what is arguably the most transit-rich location in all of the central business district, are just a few of the many highlights of this investment.”
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