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Goldman Sachs affiliate pays $710M for Unico's 27-building portfolio

Unico Investment Group LLC sold a portfolio of 27 office buildings in Seattle and Denver for $710 million to Broad Street Principal Investments LLC, an affiliate of Goldman Sachs Group Inc.

Encompassing 1.8 million square feet, the Unico Partners I portfolio comprises 10 office assets and the Butler Garage, offering 451 stalls for parking, as per Unico's website.

The assets in Seattle include the Smith Tower, the Grand Central block and the Butler Garage, all in Pioneer Square; 1505 Fifth Ave. in the city's central business district; and the Yale + Thomas building in the South Lake Union submarket.

In the Denver area, the DC Building and the Platte Street portfolio in the central business district; 2nd + Josephine in the Cherry Creek submarket; and 555 Zang in Lakewood and the 11-building Pearl East in Boulder, both in Colorado, are among the assets in the portfolio.

The real estate investment and operating firm retained a stake in the portfolio that it will continue to manage.

Over 190 tenants reside at the 85%-let portfolio that has received capital investments worth $87 million, excluding development, according to a release.

The trade marks the conclusion of Unico's first institutional discretionary fund, Unico Partners I, which amassed $265 million in equity from U.S. and Canadian institutional investors at its close in 2014.

Eastdil Secured acted on behalf of Unico in the sale.