Unico

What Unico does

Unico Properties LLC is a privately held, vertically integrated commercial real estate investment and operating firm founded in 1953 as University Properties and headquartered in Seattle, Washington. The company owns and manages a portfolio of 63 office, multifamily, and mixed-use properties totaling approximately 12.3 to 17.7 million square feet across secondary US growth markets - Seattle, Portland, Denver, Austin, Salt Lake City, Nashville, Boulder, and Colorado Springs. Its platform spans acquisitions, asset management, investment management, ground-up development (via the Costigan Integrated subsidiary consolidated under the Unico brand in 2020), property management, leasing brokerage, and an in-house sustainability division. The firm has raised more than $3.3 billion of investor equity across 55+ vehicles, including two discretionary institutional funds, four private high-net-worth closed-end funds, an open-end boutique office fund, and numerous programmatic joint ventures.

The business model combines three revenue streams: recurring management fees and carried interest from investment vehicles (institutional funds, HNW funds, separately managed accounts) targeting value-add and core-plus office strategies; recurring property management and leasing fees on the owned portfolio and select third-party mandates; and episodic development revenue from ground-up construction, adaptive reuse, and historic repositionings for own account and select third parties. Roughly 75% of acquisitions are sourced off-market via seven-decade local relationships, and the firm cites a 10-day average due diligence turnaround. Reported investor outcomes include high-teens IRRs for 18 consecutive years, the 2018 2030 Districts Vision Award and 2021 HOOPP LEAP award for sustainability leadership, and measurable repositioning results (Smith Tower occupancy raised 60% to 96%; Russell Investments Center sold for $480M versus a $115M purchase price after a multi-tenant conversion).

Customer segments are bifurcated: the investment side serves institutional investors and high-net-worth individuals/family offices seeking differentiated off-market access in secondary US markets; the operating side serves commercial tenants (U.S. Bancorp Tower, Smith Tower, Stone34, Washington Park, West Canal Yards, etc.) and third-party property owners engaging Unico for management, leasing, and sustainability services. Anchor enterprises include Alaska Airlines (Longacres buyer), Overlake Hospital Medical Center (a managed Bellevue medical office building), and a diversified roster of West Canal Yards tenants such as OBI Seafoods, Graham Baba Architects, Traver Gallery, Frankie4, and Mangolnk. Marketing and distribution are relationship-driven and direct: closed-end funds, open-end boutique funds, and direct JVs sold to institutional and HNW capital through field sales, with no consumer-facing pricing and no third-party resellers. Sustainability is positioned as a differentiator, with 32.5 MW of solar developed, 27M square feet certified under LEED/Fitwel, and Stone34 holding an ENERGY STAR score of 100.

Name

Unico

Legal name

Unico Properties LLC

Website

https://unicoprop.com

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

251–500 employees

Short description

Unico Properties LLC is a Seattle-based, vertically integrated real estate investment and operating firm managing 63 office, multifamily, and mixed-use properties totaling ~12.3M sq ft across US secondary growth markets for institutional and high-net-worth investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525), Offices of Real Estate Agents and Brokers (5312)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate investment
• Real estate asset management
• Property management services
• Real estate fund management
• Commercial real estate development

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Real Estate Investment Management Fees: Unico earns management fees and carried interest from managing discretionary institutional funds, private high-net-worth closed-end funds, and separately managed accounts. They have formed over 55 investment vehicles from core-plus through opportunistic investments.
2. Property Development Revenue: Revenue generated from ground-up development and adaptive reuse projects for own account and select third-party clients, including mixed-use, office, multifamily, and retail properties.
3. Property Management and Leasing Services: Fees earned from property management, leasing brokerage, and tenant coordination services for owned portfolio and select third-party clients. Also manages third-party properties.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Unico Properties is a vertically integrated real estate investment and operating firm that owns, develops, leases, and manages office, multifamily, and mixed-use commercial properties across U.S. secondary growth markets. It raises discretionary institutional funds, private high-net-worth funds, and joint ventures to deploy investor equity into value-add and core-plus assets, while delivering in-house development (via Costigan Integrated), owner-perspective property management, leasing services, and a dedicated sustainability division. The platform covers the full investment lifecycle from off-market sourcing and acquisition through repositioning, leasing, and disposition.

Product overview

Unico Properties is a private real estate investment and operating firm offering an integrated platform of investment management, development, property management, and sustainability services. The company manages a portfolio of 63 office, multifamily, and mixed-use properties totaling approximately 12.3 million square feet across U.S. growth markets. Its core products include Investment Management Services (fund management for institutional and HNW investors), Development Services (through its Costigan Integrated subsidiary), Property Management, and Sustainability Services. Additional offerings include Tenant Experience Platform (with The Cove tenant portal), Investment Vehicles (multiple fund structures totaling over $2B equity raised), and an ESG Framework. The portfolio spans iconic assets like Smith Tower, U.S. Bancorp Tower, Stone34, and the newly developed West Canal Yards.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management Services Fund management and acquisitions services for institutional and high-net-worth investors focusing on value-add office and multifamily real estate in U.S. secondary growth markets. Provides end-to-end investment services including sourcing, underwriting, ownership, and disposition.
• Development Services Ground-up development, adaptive reuse, and historic renovation of office, residential, retail, and mixed-use properties delivered through the Costigan Integrated subsidiary. Provides owner's representation and construction management services.
• Property Management Owner-perspective property management covering leasing strategy, revenue optimization, cost control, and tenant experience for commercial office, multifamily, and mixed-use properties in Unico's owned portfolio and select third-party accounts.
• Sustainability Services Sustainable building consulting, LEED and Fitwel certification, solar installation (32.5 megawatts developed), and green building operations across Unico's portfolio and for select external clients.
• Investment Vehicles (Funds) Real estate fund vehicles for institutional and high-net-worth investors, including Unico Partners I ($265M discretionary closed-end), Unico Boutique Office Portfolio ($200M open-end fund), Unico Northwest Funds I-VI ($173M non-discretionary), and separate managed accounts. More than 55 investment vehicles have been formed across core-plus through opportunistic strategies.
• Tenant Experience Platform Tenant-centric service platform offering amenities, community programming, and the The Cove tenant portal (manage.cove.is) for tenant management, communication, and service requests across Unico-managed properties.

Quantifiable outcome

• High-teens IRR for 18 consecutive years
• +7 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Pinnacle PartnerscoreStrategic or Co-development Partner · 8 April 2024Unico partnered with Pinnacle Partners, an Opportunity Zone real estate investor, on the renovation of Washington Park — a 52,809-square-foot historic building on Seattle's waterfront. Pinnacle Partners provides Opportunity Zone tax incentive investment structures while Unico provides property management and repositioning expertise.
• Howard Klein / West Canal YardsmajorStrategic or Co-development Partner · 1 January 2019In 2019, Howard Klein partnered with Unico to develop West Canal Yards, a 334,000-square-foot waterfront development in Seattle's Ship Canal. Unico managed development, tenant coordination, and property management. Klein, connected to Seattle's maritime history through Ocean Beauty Seafoods, contributed vision and co-investment.
• Costigan IntegratedcoreStrategic or Co-development Partner · 1 October 2017In October 2017, Unico formed a strategic partnership with Costigan Integrated, an owner's representation firm, to deliver full-spectrum real estate development and construction management services. Since 2020, Costigan Integrated has been consolidated under the Unico brand as a fully integrated part of the company. The partnership has delivered multiple projects including the Circa Building in Denver (2018), Bouldin Creek project in Austin (2019), and Cascadian development in Seattle.
• Graham Baba ArchitectsminorOthersArchitecture firm engaged to design West Canal Yards, blending historic industrial elements with modern details.
• The Broderick GroupminorChannel Partner/ Reseller/ DistributorReal estate brokerage engaged by Unico and Pinnacle Partners to market Washington Park for lease.
• Real RetailminorChannel Partner/ Reseller/ DistributorRetail brokerage engaged by Unico and Pinnacle Partners to market Washington Park for lease.
• Green StandardsminorOthersPartnered with Green Standards to sustainably decommission part of the Longacres campus in Renton, WA, diverting 969 tons of corporate waste from landfills.
• Climate Pledge ArenaminorOthersUnico installed solar panels on Climate Pledge Arena, assisting with the arena's Carbon Zero goals.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Highwoods Properties: Public REIT focused on best-business-district office properties in select Sun Belt markets including Nashville, Raleigh, Atlanta, and Tampa. Comparable to Unico's office-heavy portfolio in secondary US growth markets.
• Cousins Properties: Public Sun Belt-focused office REIT owning, developing, and managing Class A office properties in high-growth US markets. Overlaps with Unico on office investment and development in secondary growth markets like Austin, Nashville, and Denver.
• Bain Capital Real Estate: Large-cap global real estate investment platform deploying discretionary capital across US and European commercial real estate strategies. Comparable to Unico's institutional fund model at the upper end of the size and complexity spectrum.

Direct peers

• Jamestown: Real estate investment and management company specializing in opportunistic and value-add office, mixed-use, and retail assets in major US markets. Comparable to Unico's vertically integrated investment, development, and repositioning model in commercial real estate.
• Kennedy Wilson: Global real estate investment and asset management firm operating across the US, UK, Ireland, and Southern Europe with vertically integrated investment, development, and property management capabilities. Highly comparable to Unico in combining fund management with operating platforms in commercial real estate.
• Crescent Real Estate: Private real estate investment, development, and management firm operating commercial properties in select US markets with institutional capital partners. Comparable to Unico's mid-size vertically integrated platform in commercial real estate investment and operations.
• Shorenstein Properties: Privately held real estate investment, development, and asset management firm focused on high-quality office and mixed-use properties in select West Coast and US markets. Direct comparable to Unico given private structure, office focus, and West Coast footprint.
• Harrison Street: Real estate investment management firm operating closed and open-end private real estate funds across specialty and traditional property sectors. Comparable to Unico as a discretionary fund manager for institutional and HNW capital deploying into US commercial real estate.
• PCCP, LLC: Private equity real estate investment firm managing discretionary funds that invest in commercial real estate across the US, with capabilities spanning acquisitions, asset management, and development. Comparable to Unico's institutional fund management model.

Others

• Eastdil Secured: Global real estate investment bank advising on debt/equity placement, refinancing, and M&A across all major property types. Comparable to Unico at the capital advisory and transaction execution layer, though Unico operates as principal rather than advisor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/unicoprop
• Facebookfacebook.com/UnicoProp
• LinkedInlinkedin.com/company/unicoprop
• Instagraminstagram.com/unicoproperties

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unico