Seattle-based Unico Properties LLC, a real estate investor and full-service operator, has purchased 701 Dexter Avenue North, a six-story office building near the southwest shore of Lake Union, just northeast of downtown Seattle. According to public records, the sale was closed on November 25, 2015 for a total of $17,700,000, or $281 per square foot. Terms of the deal were not disclosed; the seller was a JV called 702 Aurora North Joint Venture, which includes OAC Services, an architecture and engineering services firm, according to Shawn Mahoney, a principal at OAC.
The 62,000-square-foot building is currently 93% leased, with engineering firm Grey & Osborne and OAC Services as the two largest tenants. Mahoney noted that OAC intends to remain in the building as a tenant. Andrew Cox, vice president and regional director at Unico, said the firm is considering a renovation but he would not get into specifics. Unico said it was attracted to this property because of all the new housing along Dexter — Unico says more than 1,000 apartments have opened nearby — and proximity to Amazon, Facebook, Bill & Melinda Gates Foundation and the Allen Institute.
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