Unico Properties has secured a $35 million refinancing mortgage for 1201 Pacific, a 305,000-square-foot Class A workplace tower in Tacoma, Wash. Gantry’s insurance-arm Genworth Life Insurance coverage Co. supplied the 10-year, fixed-rate, non-recourse notice, which replaces the earlier 10-year mortgage that expired in September.
Gantry Principal Mike Taylor and Senior Director Jeff Ballaine organized the deal on behalf of the borrower.
Unico acquired the property in 1997 from WPAS for $28.8 million, with the assistance of a $36 million mortgage originated by Genworth Monetary, in accordance with CommercialEdge data. The constructing’s present assessed worth is at $39 million, the Puget Sound Enterprise Journal reported.
Accomplished in 1969, the LEED Gold-certified workplace tower rises 25 tales, making it the tallest constructing in Tacoma. The tenant roster contains Regus, Merrill Lynch, WSP, Vandeberg Johnson & Gandara, RBC Wealth Administration and Panattoni Growth, CommercialEdge knowledge reveals. The property had a 15 % emptiness price on the time of the transaction.
Seattle workplace emptiness price climbs
Positioned at 1201 Pacific Ave., the constructing is throughout the road from a T Line mild rail cease and 1 mile from Tacoma prepare station, which connects town to downtown Seattle, some 33 miles north.
Seattle’s workplace market has been dealing with important challenges this 12 months, in accordance with a latest CommercialEdge report. The metro, together with the Bay Space, Austin and San Francisco, had one of many highest emptiness charges throughout all U.S. markets as of October. Climbing 390 foundation factors year-over-year, Seattle’s price reached 25.8 % that month. This important enhance was partially on account of various massive tasks being delivered.
