May 13, 2019 — Real estate investment and operating firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced that it has purchased Marymoor Technology Building in Redmond, Wash. The acquisition, which encompasses the 79,197-square-foot, two-story Marymoor Technology Building, and a 144-stall surface parking, marks Unico’s first investment in Redmond.
“Unico has long loved the Eastside—it’s always been an attractive market, but now has the added benefit of an incredibly strong mix of diverse and growing tenancy which would be the envy of any U.S. market,” said Unico Senior Vice President and Regional Director Andrew Cox, citing the growth of global technology giants opening new campuses in the city. “We also believe that the impact of the light rail will be dramatic by providing easy, predictable commutes throughout the region.”
“The increased connectivity between the Redmond, Bellevue, and Seattle central business districts will further solidify the attractiveness of these locations,” added Cox.
Marymoor Technology Building is located along the future path of Sound Transit 3 (ST3) situated just 300 yards from the future “SE Redmond” light rail station—a mere stop away from both downtown Redmond and the region’s largest employers. In light of the upcoming light rail extension to the location, the city has up-zoned the Marymoor Park area and laid out a vision for “Marymoor Village,” a walkable live/work/play neighborhood.
“Transit was that missing link that will put Redmond on the map with Kirkland and Bellevue,” said Unico Director of Leasing Liz Thorson. “People already want to be in Redmond—it has good schools, experiential retail, and the local recreation draws a diverse group of people.”
Situated on a 3.44-acre parcel, the property is bounded by NE 67th Court to the north, and Marymoor Park to the west and south. The location provides immediate access to the East Lake Sammamish Trail—a popular recreational trail that connects the cities of Redmond, Sammamish, and Issaquah—and Marymoor Park with its variety of amenities, including sports facilities, rock climbing, off-leash dog parks, major musical concerts, and a velodrome that faces the property.
The property is 100% leased to a single tenant.
Newmark Knight Frank’s Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Tim O’Keefe, and Bill DeLacy, and Broderick Group’s Paul Jerue, Tyler Slone, and Eric Meussner represented the sellers in the acquisition. Acquisition financing was arranged by David Milestone and Brett Green from Newmark Knight Frank.