King County Assessor's Office
Unico Properties and Laird Norton Co., paid $24.5 million for this Kirkland office building where Microsoft leases space.
Unico Properties' buying and selling spree continued with the recent acquisition of a downtown Kirkland building where Microsoft leases space.
Public records show that Seattle-based Unico paid $24.5 million for Continental Plaza, a 75,750-square-foot building at 550 Kirkland Way. An affiliate of Dallas-based Lincoln Property Co., sold the building.
Unico Chief Investment Officer Jonas Sylvester said that his company bought the five-story building in a joint venture with Laird Norton Co., a wealth management company, also of Seattle.
Unico has been buying and selling properties in recent months. In the Puget Sound area, it has acquired around $86 million worth of real estate and sold around $75 million.
The moves come as Unico?s longtime agreement with the University of Washington to lease, manage and develop the university?s 10-acre Metropolitan Tract in the heart of downtown Seattle is set to expire in 2014.
In a prepared statement, Sylvester said the 23-year-old Continental Plaza is 97 percent leased to ?a roster of premier technology-oriented tenants.? He added that Unico acquired the building due to the strength of the Kirkland?s commercial real estate market.
Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.
Source: http://feeds.bizjournals.com/~r/techflash/venture/~3/PSPg4kgCn7s/unico-laird-norton-buy.html
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