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 be aware, 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 keeping 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 exhibits. The property had a 15 p.c emptiness fee on the time of the transaction.
Seattle workplace emptiness fee climbs
Situated at 1201 Pacific Ave., the constructing is throughout the road from a T Line mild rail cease and 1 mile from Tacoma practice station, which connects town to downtown Seattle, some 33 miles north.
Seattle’s workplace market has been going through important challenges this yr, in keeping with a current 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 fee reached 25.8 p.c that month. This important improve was partially because of numerous giant initiatives being delivered.
