Colorado Real Estate Journal -
Unico Properties LLC, in a joint venture with LaSalle Investment Management, has acquired Writer Square and plans to invest $4 million in improvements to the property. The price wasn’t released, but the property reportedly sold for $68.25 million, or $380.71 per square foot. “Continuing our investment momentum with the acquisition of one of Denver’s premier properties underscores our ongoing commitment to growth, expansion and long term presence in Denver,” Jonas Sylvester, Unico Properties chief investment officer, said in a press release. “We’re thrilled to own and invest in Writer Square and plan to further enhance its reputation as a premier destination to work, shop, dine and live.” Writer Square is a 179,271-sf mixed-use property on the 16th Street Mall at 1512 Larimer St. It consists of a 119,336-sf Class A office tower, 59,935 sf of retail space on an open-air, street-level plaza, and a two-level, recently renovated subterranean parking garage. The 10-story property currently is 85 percent leased. The office tower includes a diverse mix of national and local companies and floor plates from 10,250 to 12,400 sf that appeal to small- to medium-size tenants. The retail space includes a mix of destination restaurants, galleries and retail shops connected by a pedestrian-friendly central promenade linking the 16th Street pedestrian mall with historic Larimer Square. Unico will invest in a new lobby and upgrades to tenant spaces in the office tower, as well as improvements to the retail space. Improvements to the retail portion of the property, including new flower beds and improved lighting, will be geared toward creating a more inviting and vibrant pedestrian experience and enhancing the connection between 16th and Larimer streets. The property is two blocks from 17th & Larimer, an office building that Unico purchased in 2011. GDA Real Estate and ACF Property Management, which acquired Writer Square for $58.4 million in 2008, were the sellers. The acquisition brings Unico Properties’ Denver portfolio of owned and managed properties to approximately 1.8 million sf. The company’s holdings include 1660 Lincoln, Harlequin Plaza, Belleview Tower, Centerpoint I and II, and a portfolio on the Pearl Street Mall in Boulder. Unico Properties is a Seattle-based real estate investment and full-service operating company with an office in Denver. It focuses on office and multifamily assets in the Western United States.